Date: 2013-07-31
Speaker: GEORGE MILLER (democrat)
Chamber: H
State: California

I have no further speakers. Mr. Speaker. in closing. I want to thank the chair of the committee for bringing this bill to the floor as soon as it was possible to do. but certainly before we break for August. This legislation. as I said earlier. is a vast improvement over what we voted on before and what was presented to this House. I think families all across the country with students heading off to college or returning to college this fall will be happy to know that as they take out a student loan this year. they will save over the next 5 years some $25 billion because those loans that they take out will have that interest rate guaranteed at that rate today and for the life of that loan. Big distinction between this bill and the bill that was presented for the House to vote on. which many of us rejected but the Republicans supported and was passed to the Senate. Over the next 10 years. it provides about $4 billion in additional relief. Whats important to know is that this will deal with making college more affordable. But. clearly. what is on the agenda of the Education and Workforce Committee is making sure that were dealing with the cost of college so that we can reduce the student debt in this country. we can reduce the affordability of college in this country. We expect that as we struggle to try to figure out how to provide this loan money on behalf of the taxpayers to these students who are the future of our economy. the future of our society. that the institutions will struggle with seeing what they can do to lower the cost of these colleges. This is a very exciting time in postsecondary education because we have opportunities now with technologies and the ability to present classes in new formats. in new forums for students much differently than in the past. Weve got to make sure that were providing that quality education. but perhaps in a way thats more cost efficient. And efficiency isnt the enemy of intellectual curiosity or intellectual achievement or scholastic achievement. but it may be helpful to those families who are struggling with a debt to provide one. two. or three children a college education. or for those students who graduated who are struggling with that debt as they enter the job market. So we really want to say that weve done the best we can under these circumstances with this legislation. but we expect the institutions of higher education all across this country to reexamine how theyre doing their business and what they can do to reduce the cost of college. And well continue to do our part. trying to make it more affordable for the American family. But in the past. weve seen where we put money in at the top and the States took the money out at the bottom. Were not going to play that game anymore. and we cant play that game anymore. That has ended up with a lot of increased debt on the part of students. Certainly with respect to the public institutions. the States have to step up and share the responsibility for their public institutions. We cannot have this situation where they continue to decline their support and then foster that off on parents and students. and then the parents and students need help from the Federal Government. That chain has got to stop here. But I think today. this is a big and important step in terms of the affordability of college for students. And all of the indicators are that that college degree is well worth it over the lifetime of work of students. over the types of jobs that they will get. the types of wages that they will receive. Its still a huge benefit. There has been a lot of discussion over the last few months that maybe college isnt worth it anymore. It is. but we have to do it right. And young people have to be able to obtain that college education. and they have to do it with the least amount of debt possible. With that. I yield back the balance of my time.