College Student Relief Act of 2007
COLLEGE STUDENT RELIEF ACT OF 2007
* Mr. ROGERS of Michigan. Madam Speaker, I rise today to express concerns with the College Student Relief Act, which passed the House on January 17, 2007.
* As the author, while a Michigan State Senator, of legislation creating the Michigan Education Savings Plan, my commitment to helping families afford college has been a long-standing priority of my public service tenure. In fact, this program has helped thousands of Michigan families save for college expenses as well over 100,000 accounts have been opened since the program's inception.
* Unfortunately, for many families, their ability to save cannot keep pace with the rising costs of post-secondary education. For these families, student loans represent an integral piece to the higher education puzzle, which is why we, as policymakers, must ensure that our actions meet the twin goals of reducing the cost of, and increasing access to, a college education,
* The College Student Relief Act represents a short-term solution for student loan relief for a very specific group of student borrowers. This legislation reduces the student loan rate on only subsidized Stafford loans. It does not reduce the rates of undergraduate students borrowing from unsubsidized Stafford loans, nor does it provide relief to graduate students. Furthermore, this legislation does not permanently reduce student loan rates but cuts rates over five years, after which point they will go back to a higher interest rate, in effect providing only six months of relief.
* Lastly, I believe students must be provided with borrowing choices, and they should be able to borrow from lenders who provide the most affordable option for them and their families. A competitive student loan marketplace is central to lowering the longterm costs associated with higher education
* Rest assured, I will continue to work in Congress, must work, to help make college more affordable and attainable for every American family.
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