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College Student Relief Act of 2007

Location: Washington, DC

COLLEGE STUDENT RELIEF ACT OF 2007 -- (House of Representatives - January 17, 2007)


Mr. WELCH of Vermont. Madam Speaker, I am proud, as part of our first 100 hours, that Congress has committed to expanding higher education opportunities to more Americans. Education has always been the great equalizer in this country. With each generation doors are opened through greater access to education.

The health of our economy and prosperity of our middle class rests on having a highly-skilled and well-educated workforce. We all know stories of working class families struggling to make ends meet to put a child, sometimes the family's first generation, through college. It is a struggle millions of families go through, as college costs skyrocket year after year. Reducing the debt burden these families and students face is the least Congress can do to help meet their commitment and sacrifice.

H.R. 5 will provide a significant reduction in student loan interest rates for students who borrow under the subsidized student loan program.

This legislation is worthy in its intent and it is legislation I support. However, it is my hope to work with my fellow members and the distinguished Chairman of Education and Labor to recognize the important role small, not-for-profit lenders play in opening doors to more working families. I believe it makes sense to distinguish not only between large and small lenders, but those that lend on a not-for-profit basis and who reinvest all revenues into additional student financial assistance.

Our goal is to improve educational opportunities for students and it is a goal I know our non-profit lenders share.


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