Providing for Consideration of H. Con. Res. 27, Concurrent Resolution on the Budget for Fiscal Year 2016

Floor Speech

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Mr. TAKANO. Mr. Speaker, I, too, rise in opposition to the rule, and
I rise in opposition to the previous question so that H.R. 1434 can be
offered. Let me tell you why.

Every few weeks, I spend time calling constituents who have sent me
letters and emails. In many of these conversations, I hear about the
burden of student loan debt. Just recently, I spoke with a couple with
more than $100,000 in student debt, and their monthly loan payments
exceed the rent that they pay on their apartment.

There is absolutely no question, student loan debt is an enormous
problem in this country. We all know the facts. As the gentleman from
Connecticut stated, at $1.3 trillion, student loan debt has surpassed
credit card debt. Nearly three-quarters of college seniors graduate
with some debt; bachelor's degree recipients graduate with an average
of almost $30,000 in debt.

The Federal Government, the States, colleges and universities and
other relevant actors in higher education must come together to address
this issue. We must take steps to reduce the underlying costs of degree
completion, strengthen Federal and State investment in colleges and
universities, provide additional aid to students, and diminish existing
student loan debt.

The gentleman from Connecticut, Mr. Courtney's legislation, the Bank
on Students Emergency Loan Refinancing Act, would help bring down
existing student loan debt by allowing eligible borrowers with existing
debt to refinance their student loans and receive the same lower
interest rates passed by Congress in 2013 that new borrowers currently
receive.

Lowering interest rates for existing loan debt will benefit tens of
millions of Americans. I oppose the rule. I oppose the previous
question.

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Mr. TAKANO. Well, I am not so much in opposition to the rule because
of not allowing other budgets to be considered, but because of the way
the rule is structured, I would rather see us be able to consider H.R.
1434. If we would oppose the rule and oppose the previous question, we
could solve the student debt question here.

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