I thank the gentleman from Connecticut for his extraordinary leadership on this issue, which is important to Rhode Island, but really important to students all across our country. I think one of the things that has struck me during this…
I thank the gentleman from Connecticut for his extraordinary leadership on this issue, which is important to Rhode Island, but really important to students all across our country.
I think one of the things that has struck me during this debate about this issue in the last several weeks as we've tried to bring attention to this issue is that this is really a moment in the history of our country where we
need to recognize--maybe more than anytime at least in my lifetime--the urgency of investing in education and of ensuring that young people have access to a quality education.
The idea that we're in a position to prevent interest rates from doubling for those who are benefiting from Stafford loans and that this Congress seems poised not to do anything about it, to me, is, as you said, unconscionable.
There was a report that was done recently, the Georgetown University Center on Education and the Workforce. They found that over the period from 2008 to 2018, about 47 million job openings will be created; and of that, more than 30 million of these jobs will require at least some level of postsecondary education.
So this is the reality for our country, that we have got to realize if we're going to create jobs and be sure that we have young people who have the skills necessary to fill those jobs in this new knowledge economy of the 21st century, we have to make it easier for people to access higher education, not more difficult.
And Congress wisely cut the rate in half from 6.8 percent to 3.4. We have to make sure it stays there.
Now, I come from a State that brought us the great Senator Claiborne Pell, who was the creator of the Pell Grant, which created and continues to create hope and opportunity and access to education for millions and millions of Americans, really unlocking opportunity and keys to success.
We all understand that not only the student benefits from that education, but we all benefit. The community benefits when we have a well-educated group of young people that are making new discoveries, that are finding cures for diseases, that are inventing new products, that are building productive lives to support themselves and their families.
And this is a moment when we have to be sure that we're protecting families from the consequences of this kind of interest rate increase, doubling, as you just said, Representative.
The United States Public Interest Research Group says that without congressional action, borrowers who have taken out the maximum $23,000 in subsidized student loans will see their interest balloon to an additional $5,200 over a 10-year repayment and $11,300 over a 20-year repayment. So this is a huge increase for families, many of whom in my State, where we continue to have very high unemployment, the second highest in the country, where families are struggling with the consequences of the housing crisis and difficulty finding work, this cannot, we cannot allow this to happen. It will cause incredible hardship for families in Rhode Island and my district.
I was recently at Roger Williams University and at several other universities in my district meeting with young people. All were concerned about will Pell Grants continue, will we be able to protect Pell Grants, and what's going to happen when they graduate and have student loans. Are these kinds of interest rates going to be in existence, which are just not affordable to young people.
And the idea that we have 73 days, you know, this is a moment where we can demonstrate we can get something done. My friends on the other side of the aisle don't seem interested in addressing this issue which, for Rhode Islanders, and I know you recently had an event in Connecticut, and I know many of our colleagues around the country doing this, we've got to rally young people to demand that the legislation which you sponsored, H.R. 3826, and which I'm proud to be a cosponsor of, and my Senator, Senator Reid on the Senate side is the lead sponsor, we've got to demand that Speaker Boehner bring this to the floor for a vote.
Our colleagues need to hear from their families in their districts, from young people all across this country. This is about our own investment in our future as a country, that we benefit from young people who have access to higher education. At a time where our economy is still recovering, we can't allow interest rates to student loans to double.
I'm going to continue to fight very hard. I thank the gentleman for his leadership on this. I hope that we will continue to beat the drums on this for the next 73 days till we force some action here on the floor of the House for the sake of the young people in this country and for the sake of our future as a thriving and prosperous democracy.
I again thank the gentleman for the opportunity to speak to this issue tonight.
I just want to say that I think one of the things that we sort of recognize and are very proud of as Americans is that we have always revered our system of higher education and that we have always understood that people's ability to access education is part of, for many young people, the way they help to realize the American Dream for themselves and their families. We've always prided ourselves as a democracy on this mobility: that no matter who you are, if you want to and if you work hard enough, you can go to college and you can afford to, and then you can build a better life for yourself and your family. This mobility is really a key part of the American success story.
I read recently a piece in The Times about our living in a time now when that mobility is really being threatened, and college access is part of that challenge. If we are going to preserve the mobility that has made this democracy so strong and so great, we have to be sure we protect access to higher education for the young people who are pursuing it.
It's not only that it's going to be this incredible hardship on families, but we're going to be crushing the dreams of many young people. As you said, as they're getting these decisions in the mail, some young people are going to have to decide, you know, I can't go to the college of my choice. I can't pursue this dream I have because I'm not going to be able to afford to pay back these loans at these interest rates.
We're going to be crushing the dreams of young people. As you said, we can fix it. This is easy. This is something we can do by congressional action, and we should do it. We shouldn't wait 73 days. I was always taught--I think we were all taught--that education is the key. I come from a State that understands that. As I said, it's the home of Senator Pell. We understood education to be the key to success as well as the access to education for our own futures and the futures of young people. We've got to fix it. This is wrong. It's going to hurt families. It's going to hurt our economy. We've got to take action.
Mr. Courtney, I was just wondering. You talked about how the interest rate was cut in half by the prior Congress, which was obviously very important for young people and for families, and how the Stafford Act was created and named after Republicans. So this was done in a bipartisan way, which reminds me that I just finished reading a book called ``An Uncommon Man'' about Senator Pell. In fact, it recounted some of the bipartisanship that existed. I'm wondering what your sense of it is. Why was it that access to higher education seemed to enjoy bipartisan support as recently as a year or two ago when the rate was cut? Certainly the importance of higher education and access to college remains urgent and important. The economy has become more competitive, not less. So what has caused this sort of willingness of my friends on the other side of the aisle to turn their backs on young people? What do you think has changed?
I hope that what you're speaking about, kind of the young people of our country, not just the students, but the families of students who are affected--I was at a Portuguese social club recently, and a woman constituent of mine, a single mom, said, I have three children, and this question of what's going to happen to student loans and whether or not their interest rate is going to go up is important.
This is an issue not just for the students but for the whole family. I'm hoping that young people and families who are affected by this issue, which are obviously millions of Americans, will reach out to their Members of Congress and be sure their voices are being heard in this discussion because, I think, that's our only hope that there be sort of a national movement. I know U.S. PIRG is helping to really bring pressure on our Speaker and on our colleagues on the other side of the aisle to take the legislative action that will correct this.
The point we have to really underscore is it's not just for the student; it's for the sake of our country. Our young people are competing not just with a person in Connecticut or New York; they are competing with people all over the world in an increasingly global and competitive economy. We owe it to them to ensure that they have access to the best quality education we can provide. The interest rate doubling on their loans is clearly an impediment to that. We owe it to them, but we owe it to ourselves as a country.
So I thank you again.
I too want to thank the gentleman from Connecticut, and I hope that we will all do everything we can to keep this issue alive over the next 73 days. As you said, Joe, it's not something that has a complicated answer. We can fix it.
You have introduced the legislation. Many of us have cosponsored it to fix this problem. I think the more Members of Congress and our colleagues hear from young people and their families about the real- life impact in the coming week in Rhode Island, we are going to organize an event around this and with young people and their families to really put a human face on what the consequences of the doubling of these Stafford loans would be, what the impact would be for families.
If everyone does that, the voices of young people and their families have to
be heard and represented in this Chamber. I really want to salute you for your extraordinary leadership and leading the charge tonight, but also being a leader in our country on this issue.