Providing for Consideration of H.R. 4800, Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2015; Providing for Consideration of H.R. 4457, America's Small Business Tax Relief Act of 2014; And Providing for Consideration of H.R. 4453, S Corporation Permanent Tax Relief Act of 2014

Floor Speech

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Mr. TIERNEY. I thank my colleague for yielding.

Mr. Speaker, I rise to urge the House to act on responsible legislation that I have introduced that would help tens of millions of college students, graduates, parents, and middle class families all across the country refinance their existing loans to the same low rate offered to new borrowers in the student loan program.

As the President said earlier this week when he voiced support for this bill, this should be a no-brainer. Homeowners and small businesses are so often able to refinance their debts, there is no reason at all that students and parents shouldn't be able to do the same.

Refinancing would be a significant financial help to these students and their parents. In fact, a recent analysis by the nonpartisan Congressional Research Service showed that a middle class undergraduate student with an average loan debt would save more than $4,000 over the life of that loan. A typical graduate student would save more than $2,500, and a typical parent who borrowed to pay for their child's education would save $3,500 or more.

As my colleagues know, these savings would be invested right back into the economy. Last year, the Center for American Progress estimated that refinancing of just some of these Federal loans would pump $21 billion into the economy.

That is because these people are going to be able to save $40 to $100 a month--thousands over the course of their loan--and they have expenses and necessities for which they have to pay.

Our bill is a good deal for taxpayers. Last week, the Congressional Budget Office scored our bill as generating $72.5 billion in savings over 10 years.

Mr. Speaker, more and more constituents are writing my office, emailing, posting on my Facebook page, and even stopping me on the street to talk about stories about how their children are buried in student loan debt. Two days ago, I received an email from a concerned mother in my district.

This is what she had to say: she and her husband followed the rules and have been able to own their own home and support two children up to adulthood, but she feels that her daughter would not be able to do the same, as she currently owes $60,000 in college loans.

Her interest rates vary from 6.5 percent to 8.5 percent. She is drowning in her own debt, and she is only 24 years of age.

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Mr. TIERNEY. I appreciate that from my colleague.

The reason this mother supports the bill is that she knows it is going to help her daughter pay her loans in a reasonable way, while pursuing other goals this life.

This is really, Mr. Speaker, about whose side are you on. Are we on the side of special interests and allowing them to continue tax favors, while middle class Americans end up lugging around this heavy burden of debt?

I am on the side of that concerned mother and her daughter and others in this country who are concerned about their children's future.

Let's bring this bill to the floor for a vote.

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