Advancing Competency-Based Education Demonstration Project Act of 2013

Floor Speech

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Mr. TIERNEY. Mr. Speaker, this is the final amendment to the bill. It will not kill the bill or send it back to committee. If this amendment is adopted, the bill will immediately proceed to final passage, as amended.

Mr. Speaker, student loan debt is at a crisis level in this country. Outstanding student loans now total more than $1.2 trillion, surpassing total credit card debt, and every year, students are taking on more. An estimated 71 percent of college seniors had debt in 2012, with an average outstanding balance of $29,400 for those who borrowed to get a bachelor's degree.

My constituents--and I am sure the constituents of my colleagues--are calling, emailing, posting on Facebook, and even approaching me on the street to share their stories about how they have been buried in student loan debt.

This debt is causing them to put on hold other life decisions, such as whether or not they can move out of their parents' home, whether or not they can buy a car, purchase their own home, get married, or even consider starting a family.

A young woman from Boxford, Massachusetts, wrote to me and said, ``I pay more than the minimum balance every month. I sacrifice daily for my loans. I live at home, have a 50-minute commute to work every day because I cannot afford to live on my own or even with roommates ..... I cannot have the dreams that I have dreamed of all my life. I'm 23, and I'm already telling myself that I can't own a house, that I will probably never have children because I can't afford to bring them into the world and take care of them when I can't even afford to live myself ..... That's what I live with every day. The anger, depression, and disbelief that I am forever stuck.''

Parents are calling and writing to me about the anxiety and concern they have about the debt their sons and daughters have accumulated. Some parents have even delayed their own retirement or made early withdrawals from their 401(k) to help with their children's student loan debt.

A mother from Middleton, Massachusetts, wrote to me and said, ``I have two children with multiple student loans. It is difficult enough to graduate, find a job in the field they desire, and to pay loans, rent, bills, et cetera. Please do all you can to make sure rates are not increased. My children may never afford to buy a house and live the American Dream because of college student loan debt.''

Mr. Speaker, those are just two examples from my district. I am sure there are untold others throughout this country. Millions are suffering this particular situation all across the Nation. We need to start listening to them. We need to start taking action on their behalf.

This motion is a modified version of the legislation that I filed in the House with Congressman George Miller. It has over 130 cosponsors and the support of dozens of respected organizations. Senator Elizabeth Warren filed its counterpart in the Senate.

This motion is the functional equivalent of allowing for the responsible refinancing of student loans. We allow homeowners and car owners to refinance their loans to a lower interest rate.

Student loan borrowers should be able to do the same with their high interest loans--converting them into lower interest loans. Particularly right now, when interest rates are so low, they should be able to take advantage of that fact.

When you get right down to it, Mr. Speaker, the real question is: Whose side are we on? Are we on the side of the young woman from Boxford and the others of her generation who feel ``forever stuck''? Are we on the side of the mother from Middleton and the millions of Americans just like her who are concerned about their children's future?

Let's support this motion and show them we are on their side. Let's support this motion and show the tens of millions of students, graduates, parents, and middle class families, who would be able to refinance their loans at a lower interest rate and get their life started, that we are on their side.

Mr. Speaker, it is time to stand up and be counted. I ask Members to support this motion, and I yield back the balance of my time.

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