Date: 2007-09-07
Speaker: GEORGE MILLER (democrat)
Chamber: H
State: California

Madam Speaker. I yield myself such time as I may consume. Madam Speaker. I rise in strong support of the conference report on H.R. 2669. the College Cost Reduction and Access Act. legislation that provides for cutting the interest rates on subsidized student loans from 6.8 to 3.4 percent over the next 5 years. that calls for the biggest increase in the Pell Grant in the history. of the program. $1.000 new dollars over the next 5 years. that provides for an incomecontingent payment plan where people will not have to pay more than 15 percent of their income on student loans. and if they go to public service. that loan can be forgiven for 10 years. and provides major support for the minorityserving institutions of this country. This is all done within the PAYGO rules because of the $20 billion in excessive subsidies that were being paid to lenders in this field. and so we comply with the Budget Act. I rise in support of the conference report to H.R. 2669. the College Cost Reduction and Access Act. Yesterday. we held a rally to highlight the benefits of this legislation for out nations students and families. It is clear from listening to the students at the rally that one of the greatest challenges facing them today. is the rising cost of college and high student loan debt. With students returning to campuses. I can think of no better back to school gift than passing a bill that represents the greatest effort to help students and families pay for college since the GI Bill was passed more than fifty years ago. This is no ordinary gift. This is real money we are providing for students and families which translates into real relief. As we have mentioned since the beginning of this process. these historic investments in education are being done in a fiscally responsible way. This conference report will fully comply with new House rules that require all federal spending to meet tough payasyougo budget rules. Additionally. the conference report will set aside $750 million in budget deficit reduction. demonstrating that with smart policy. we can be fiscally responsible and be responsive to the concerns of the American people. This conference agreement significartly increases the Pell Grant scholarship over the next five years to a maximum of $5.400. This investmentalmost double the investment in the House bill. and the largest increase in the scholarships historywill greatly restore the purchasing power of the scholarship for students with the most financial need. meet the Presidents 2008 budget request. and also address concerns raised by Mr. MCKEON during House consideration of this measure. This agreement also: Cuts interest rates in half for needbased student loans from 6.8% to 3.4% over 4 years. When fully phased in it will save the typical student $4.400 over the life of the loan. This measure was overwhelmingly supported by this body in January. makes new investments in Historically Black Colleges and Universities. Hispanic Serving Institutions. and other minority serving schoolsto ensure that students will not only enter college. but remain and graduate. makes debt more manageable for students through an Income Based Repayment program. provides loan forgiveness and loan repayment options for those providing a public service. and ensures that we place a highly qualified teacher in every classroom through the creation of TEACH grants. As mentioned before. this bill is fully paid for with cuts to lender subsidies. It builds on proposals we passed in H.R. 5 and on proposals outlined by the President in his 2008 budget. We believe the reasonable offsets in the final package meet .our goal to .ensure the continued participation by the lenders in the FFEL program as anticipated by the Congressional Budget Office. While a challenge. we believe this final package balances our commitment to minimizing the burden placed on lenders with our commitment to helping students. As you can see. this conference agreement is a remarkable step forward in our efforts to help every qualified student go to college. This is a foundation we will continue to build on. As I mentioned at the conference meeting. I am committed to continuing these efforts when the House considers the reauthorization of the Higher Education Act this year. . Given that we have addressed many of the concerns raised by the Administration. I received confirmation yesterday from Secretary Spellings that the President is expected to sign the final bill. I hope that my colleagues on the other side of the aisle will follow the lead of the White House and the Senatewho overwhelmingly passed this legislation not too long agoand vote in favor of this carefully crafted compromise. Rather than stand between our nations students and their ability to access much needed financial relief. I. urge all members to vote in favor of the conference report on the College Cost Reduction and Access Act. Today this body is voting to do what is right for students. our economy. and our nations future. Together we are putting the American Dream back within reach of every family in this country. Madam Speaker. I now yield such time as he may consume to the gentleman from South Carolina . the chairman of the Budget Committee.