Providing for Consideration of H. Con. Res. 27, Concurrent Resolution on the Budget for Fiscal Year 2016
Floor Speech
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Mr. DeSAULNIER. I thank the gen tle lady for yielding.
Mr. Speaker, I rise to urge my colleagues to vote ``no'' on the previous question so that we can amend the ruleto bring up the Bank on Students Emergency Loan Refinancing Act.
The magnitude of the problem cannot be overlooked. In 2013, there were 37 million American student loan borrowers with outstanding student loans. Those 37 million American students hold an enormous $1.3 trillion in student loan debt, as my friend from Connecticut mentioned. Student loan debt is growing by $3,000 per second. The Bank on Students Emergency Loan Refinancing Act would be a good first step in allowing students to refinance their loans and put some much-needed money back in their pockets and back in the American economy.
In 2012, Congress passed a bill to allow new student loan borrowers to receive a low interest rate. Unfortunately, students with existing student loan debt were left out of this fix. This bill would provide those students who borrowed before 2012 the same opportunities that new borrowers have.
If student loan borrowers could get lower interest rates, they would be able to more fully participate in the economy. They could buy houses, eat out in restaurants, move out of their parents' homes, or even just have enough money to save for a better future.
This bill is simple, and it fixes a fundamental inequity. I urge my colleagues to defeat the previous question.
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