Date: 2007-01-17
Speaker: GEORGE MILLER (democrat)
Chamber: H
State: California

Madam Speaker. I yield myself such time as I may consume. Madam Speaker. I want to begin by thanking the staff of the majority side of the committee. Gabby Gomez. Julie Radocchia. Lisette Partelow. Stephanie Moore. Brian Kennedy from my staff for their great efforts in helping to prepare this legislation for the 100 hours. legislation that will have a dramatic and important impact on the oost of student loans for students borrowing from the subsidized loan program. Madam Speaker and Members of the House. we come to the end of this debate on the question of whether or not we ought to make an effort to reduce the cost of college for millions of college students who will be taking out loans in the future to try to pay for that cost of college. and I think the resounding answer of this Congress in a few minutes will be: Yes. we should. Because we understand from discussions with our families. with our neighbors. with people in our communities that families are struggling with their children to try and figure out how they can afford them the opportunity that has become so terribly important in the economic future of these young people. and that is a college education. No longer today can you get by with a high school education. In fact. for most jobs now and most jobs certainly in the future we know that employers are telling us that at a minimum 2 years of college education is required. So this bill is about the opportunity to provide those students -the means by which they go to college. I have listened to all of this discussion on the other side of the aisle. The fact of the matter is they simply dont understand the bill. When a person is deciding whether or not they are going to pay the tuition this year. some of these students are eligible for a Pell Grant. they will get their $4.100. they still wont be able to meet the cost of the college. and they will borrow money. And under this legislation. after July. they will start to get a reduced interest rate. and next year they will get a further reduction in the rate and it will continue on. Unless the Republicans are going to repeal this legislation. maybe you are going to repeal it and take away this benefit for the students. it will continue on. as the gentleman knows. Just as we have a sunset in the Higher Education Act. a reauthorization of No Child Left Behind. we continue to reauthorize them time and time again because that is the commitment of this Congress. and I dont think the gentleman is suggesting that. So what we have today is the opportunity for this Congress in the first 100 hours. in the first 100 hours of legislative business to reduce the student loans for those people on a subsidized loan from 6.8 percent down to 3.4 percent over the next 5 years and then thereafter. That is a magnificent opportunity. When it is fully implemented this legislation will provide $4.400 in interest rate relief. $4.400 is a very substantial relief to low income and middle income families when they look at the life cycle cost of what it is going to cost to acquire 4 years of education to get that basic B.A. degree. When they look at that. they will see that this legislation will substantially reduce their costs. But as Speaker PELOSI made very clear about this 100 hours. this is only the beginning. This is a down payment on our efforts to reduce the cost of college. Yes. we want to follow along with