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Conference Report on H.R. 4348, Moving Ahead for Progress in the 21st Century Act

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. HINOJOSA. Madam Speaker, I rise in strong support of the underlying bill, the Conference Report to H.R. 4348, legislation that will keep student loans affordable for more than 7 million students: 4.5 million of whom are women, 1.5 million of whom are African-American, and nearly one million of whom are Latino.

This legislation will prevent interest rates on need-based student loans from doubling on July 1st, from 3.4 to 6.8 percent and provide much-needed relief to students and families.

This will save students an average of $1,000 over the life of their loan. In my home state of Texas, approximately 461,533 borrowers will benefit from this congressional action.

As you know, student debt is skyrocketing, with the average borrower graduating with loan debt of $25,000. According to the Consumer Financial Protection Bureau, total outstanding student loan debt surpassed $1 trillion late last year.

As Ranking Member of the Subcommittee on Higher Education and Workforce Training, I urge my colleagues to vote for this bill and to work in a bipartisan manner to reaffirm Congress' strong commitment to accessibility and affordability in higher education.

Together, we must address the rising cost of higher education and the ever-increasing amount of debt that students are being burdened with.

Young people in our communities must know that Congress is working hard to ensure that they have a bright future and access to an affordable, high-quality education--one that prepares them to lead healthy and prosperous lives.

With that, I urge my colleagues on both sides of the aisle to vote for this bill.

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