Providing for Consideration of H.R. 807, Full Faith and Credit Act
Floor Speech
BREAK IN TRANSCRIPT
Mr. COURTNEY. Mr. Speaker, I rise in opposition to the previous question.
As the gen tle lady said, defeat of the previous question will allow her to propose, instead, an amendment to the rule to a bill that intentionally degrades the full faith and credit of our country, sets that aside and instead allows for consideration of the Student Loan Relief Act, a measure which will prevent the subsidized Stafford student loan program from doubling in 53 days.
Let me again reiterate that point. On July 1, if Congress does not act, the subsidized Stafford student loan program, which provides student loan assistance to over 7 million young Americans, will double from 3.4 percent to 6.8 percent. We have heard a lot of talk on the floor here today about debt and about trying to protect the young people of this country. Well, the Federal Reserve Bank of New York recently issued its latest update regarding student loan debt in this country, which is now $1.1 trillion. It's higher than credit card debt, and it is higher than car loan debt.
When we talk about the challenges facing, particularly, young people in this country who are trying to get the opportunity to upgrade their skills, something that this recession has taught us painfully is necessary because the unemployment rate of people with high school degrees or less is three times as high as people with 4-year degrees, the fact of the matter is that the subsidized Stafford student loan program is a lifeline in terms of young people being able to pay the rising cost of tuition.
Despite the fact that we have a ticking clock of 53 days and only 24 session days scheduled between now and July 1, the majority has not brought a single proposal forward to avoid this catastrophe from happening to young people all across the country.
The Student Loan Relief Act, which I am the lead cosponsor of, has over 125 cosponsors here in the House, will extend the lower rate for 2 years, and will allow this Chamber to once and for all get its arms around this serious, critical problem for the future of this country. The fact of the matter is that the student loan debt issue requires a comprehensive rewrite of the Higher Education Authorization Act which will give tools to young people, starting in high school, to make better choices about where they go to school, how they're going pay for it, with better awareness and information. It would also allow people who have graduated to be able to refinance their debt so they can lower those monthly payments.
Again, talk to the Realtors in this country about what's holding back the housing market. Young people in their twenties and thirties who are carrying student loan debt of 60, 70, $80,000 are not in a position to go out and buy a house because they can't qualify for a mortgage because of these high payments.
It is time for Congress to focus on what people are really waking up in the morning thinking about and worrying about, which is how to pay for college.
Mr. Speaker, on May 1, we just celebrated decision day, which is the day when young people make the choice about where they're going to college. Unfortunately, they have no clue about whether or not their subsidized Stafford loan rate, which has been in place for the last 6 years, is going to continue beyond July 1.
It is time for this Chamber to focus on what's important for American families. Let's take up the Student Loan Relief Act. Let's pass a higher education authorization bill which deals with this issue from soup to nuts, and let's set aside this crazy bill which intentionally degrades the full faith and credit of our country.
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