Date: 2006-03-30
Speaker: GEORGE MILLER (democrat)
Chamber: H
State: California

I thank the gentlewoman for yielding. Mr. Speaker and Members of the House. later today this House will have an opportunity to reverse one of the more egregious things that we have done. or those who voted for it have .done. against the interest of Americas economy. of Americas institutions of higher education. for the students who are attending them. and the families that are supporting them. And that was when earlier this year in the budget reconciliation bill. this Congress. under Republican leadership. cut $12 billion out of the student aid accounts and foisted ahigher cost onto students and their families at the exact time when the increased cost of college education is outstripping the ability of those families to afford that education. We are starting to see an increasing number of young people who are fully qualified. who would fully beoefit from a college education who are now deciding maybe they cant do it because they cant afford it. The exact purpose of the Federal Gcvernments involvement in helping to finance higher education for Americas students is to make sure that no qi!alified student is turned away from that opportunity because of cost. So today. in our substitute. we will have the opportunity to make a down payment on reversing those costs for those families and those students most in need. And what we will do is we will cut the new interest rate .that is going to go into place in uly at 6.8 percent on these loans. We would reduce that to 3.4 percent. and this would be a down payment for 1 year. We obviously hope that the Congress would follow on and continue that effort so that these students can afford that education. It is just incredible what was done in that budget reconciliation. Over 70 percent of the net savings that comes from excessive fees that we identify. .rnd excessive interest rates that are charged to families and to students. rather than return what are identified as excessive rates to those families so they can help pay for their col.lege education.. we took those. the Congress took those. the Republicans took those and gave them in tax cuts to the wealthiest people in the country. So these people will continue to pay excessive interest rates. -but they will: not get it returned to them. It will go to pay for the tax. cuts. They want to say it is for deficit reduction. It wasnt for deficitreduction. It was to pay for the tax cuts. either the tax cuts for the oil companies or the tax cuts- for the wealthiest people in this country. So it is very important.that all Membersgive very serious consideration to this substitute. It will be offered by myself and Mr. KILDEE. Mr. BOBBY ScoTT. DANNY DAVIS. and Mr. GRIJALVA as a way of doing this. It also provides for establishing a new predominantly blackserving institutions program to boost college preparation rates among lowincome black students. and it also provides for. increasing the tribal college minimum grants: It stabilizes tribal college construction to ensure that the funds for construction under the Higher Education Act are guaranteed. It takes a number of the provisions that are in the. underlying bill that help Hispanic teaching institutions and gets rid of the singlelender rule so that people can have an option about wh~re they go to refinance and renegotiate their college loans. But it is a very important substitute. It is. in fact. a down payment on behalf of American students. on behalf of Americas families. and on behalf of Americas economy. It is about economic and national security because it ensures that young Americans with a lot of talent -will not be shut out of college because of the increased cost imposed upon them by the Republicans actions earlier .this year in the Budget Reconciliation Act.