Providing for Consideration of H.R. 1947, Federal Agriculture Reform and Risk Management Act of 2013; And Providing for Consideration of H.R. 1797 Pain-Capable Unborn Child Protection Act
Floor Speech
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Mr. COURTNEY. Madam Speaker, I rise to oppose the previous question so that the House can take up the Student Loan Relief Act, H.R. 1595, which is a bill that the American people are truly concerned about and watching Congress to see whether or not we do the right thing. In 12 days, as this chart shows, the subsidized Stafford student loan rate will double from 3.4 percent to 6.8 percent. This will add to the debt burden of the average college student with a Stafford student loan portfolio of about approximately $5,000.
Today, the average student is leaving college with an average debt level of about $25,000 to $26,000. We know the big numbers: $1.1 trillion in student loan debt now in the U.S. economy, more than credit cards and more than used cars. Yet we are standing here 12 days before the doubling of this rate and we are debating a bill which is right in the middle of the polarized gridlock politics that the American voters rejected soundly in the last election rather than dealing with the bread-and-butter issues that really matter to young Americans and to middle class families all across this country.
The fact of the matter is we know young people in this country need to get a post-high school degree, whether it's a 2-year degree or a 4-year degree. The Stafford student loan program is the workhorse of providing affordable loans for millions of students, and 7.5 million students use the Stafford subsidized loan program. Yet, if we don't act in 12 days, those 7.5 million are going to see their interest rates double to 6.8 percent.
Now, we may hear from the other side, well, we took up a bill on May 23, H.R. 1911, a bill with a variable rate that we now know from the Congressional Budget Office who issued a report this past Monday will be, in fact, worse than if we did nothing and allowed the rate to go to 6.8 percent. That's been not only verified by the Congressional Budget Office but also by the Education Trust and The Institute for College Access and Success, a nonpartisan group funded by the Bill and Melinda Gates Foundation, the Walton Family Trust, and it states very clearly:
If passed, it will lead to higher rates on all types of Federal student and parent loans than if Congress did nothing at all.
We need to act on H.R. 1595. 187 Members have signed a discharge petition, and it is time to act to protect America's college students.
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