Madam President, I ask unanimous consent to speak for up to 10 minutes. Madam President, I come to the floor to share some letters I have received about the importance of freezing the 3.4 percent Stafford subsidized college loan program.…
Madam President, I ask unanimous consent to speak for up to 10 minutes.
Madam President, I come to the floor to share some letters I have received about the importance of freezing the 3.4 percent Stafford subsidized college loan program.
It is important because there are some 380,000 students in my home State of Ohio alone who are in the Stafford subsidized loan program. Many of them will see as they continue their college education--whether it is at Sinclair Community College in Dayton or Youngstown State or Hiram College--where their costs are continuing to go up. We know the average Ohio 4-year college graduate has about $27,000 in student loan debt. That is much higher than people had a decade ago or 20 years ago or 30 years ago or so when my generation was in college.
Federally subsidized student loans have been a reliable answer for so many in my State. I wish to encourage people to tell their stories. Some of my colleagues in the Senate are doing this also, but I urge people in Ohio to go to brown.senate.gov/collegeloanstories, and tell your story about how important this is.
The disappointment is that 5 years ago this was bipartisan. President Bush signed a bill that many of us here sponsored, in both parties, in a Democratic House, Democratic Senate, a good bipartisan support, signed by a Republican President to lock in for 5 years this 3.4 interest rate. If we do nothing, if we can't get our Republican colleagues to join us on this and then do the same in the House of Representatives to continue this 3.4-percent subsidized Stafford loan, it is going to mean that come July, the average college student will pay about $1,000 more for each year of college. That is unconscionable when college student loans are such a burden.
It means people who have these loans at this level, when they get out of school they are less likely to buy a house, less likely to start a family, less likely to start a business.
If people will bear with me, I wish to read four or five of these letters I have gotten on our Web site.
Nick from Beavercreek, OH:
I am a college student at Xavier University, Cincinnati,
Ohio studying chemistry and biology. I hope one day, through
my education in the sciences, that I might be able to make us
a stronger nation through innovation and technology.
The fact of the matter is that I would not be able to
pursue an education if it were not for student loans from the
Government.
On behalf of the future of science in this country, which
is in trouble already from what I hear, I urge you to reach a
bipartisan agreement that would prevent interest rates from
doubling.
It seems that student debt is unavoidable for the average
college student. College already is an expensive investment
that shapes our personal finances for the rest of our lives.
I ask that you, on behalf of those who are already burdened
by debt, to find a way to reach across the aisle on this one
and stop interest rates from rising.
I ask that you find a way to lighten our load. We would not
forget that if you did that for us. We would greatly
appreciate policy that opens up avenues to higher education
for ourselves as well as for those future seekers of such an
education.
Justin from Cincinnati, in Southwest Ohio:
I am the first person in my family to attend college and am
on track to completing my BS in experimental psychology. I
plan to go straight into a PHD program after I graduate and
the prospect of loan rates doubling is absolutely horrifying.
I work full time to be able to support myself but still
have about $15,000 in student loans. By no means does this
compare to others who have much more in loans but allowing
the interest rate to double is unacceptable and severely
limiting to individuals such as myself.
Lower tuition would boost the number of students attending
college making life better for everyone.
I don't suggest that everybody should go to college. I know everybody doesn't want to go to college. But I do know that people often need a technical education or a 4-year degree, a 2-year degree at a community college or a technical degree or a 4-year degree at a liberal arts school, a State university or a private school. The choices in my State are huge. We have literally dozens and dozens of small liberal arts schools and 4-year and 2-year community colleges and institutions of higher learning. Students should be allowed, if they choose, to be able to have access to college. Increasingly, it is more difficult for students to do that.
Lorie from West Jefferson, OH:
I am a full time working mother of three teenage boys as
well as a full time college student at Ohio Dominican
University.
I currently have over $40,000 in student loans. I still
have one more year to go before completing my program and
earning my Bachelor's degree.
By that time my loan amounts will probably be around $50K.
About the time I finish college, my oldest son will be
beginning college and the student loan process will begin
again.
He will be the first of three children that we will put
through college.
Listen to the definitive. She has decided she is going to make sure her kids get a chance to go to school right away. I don't know her, but apparently she didn't get a chance to go until she was older and became married, with children, and has decided to go back to school and is completing her education as her children reach their teens or mid-teens or upper teens.
Low interest rates would help make this a little less of a
financial burden for me and my family.
I do not see how raising interest rates on student loans do
anything but cripple those trying to better themselves.
The last couple I will read. Linda from Centerberg, OH:
We are grandparents of 5 children. We and our children are
middle class constituents who live in a rural area close
enough to Columbus to commute.
Please do not let the interest rate for the Stafford Loan
increase in July.
Our oldest grandchild is preparing to start college in the
fall. She is fourth in her class and shows great promise for
a good future in her chosen field, but our children are
finding that paying for college is really going to stretch
their budget.
Please don't put a further burden on our grandchild by
increasing the interest rate of a loan she may need to
finance her future.
So those last two are interesting in that this doesn't just affect college students; this affects the parents; it affects the grandparents. It is important that they don't want welfare. They just want an even shot and a break here. That is so important for this grandmother. People understand that this is going to help everybody if they get to go on to college.
The last one I will mention is Carla from Steubenville in eastern Ohio, near the Ohio River:
I am very concerned about the raising of interest rates for
student loans.
I am a mother in a middle class family working to help put
my sons through college.
I don't expect a handout but I have worked hard to acquire
my position as a teacher.
My husband and I have exhausted our savings to pay for most
of our sons' expenses--even with the support of subsidized
and unsubsidized loans.
I have put out over $80,000 in my eldest son's college.
Please, let's help those that help themselves. If not, then
the economy is going to continue to fail.
The middle class will go bankrupt just trying to pay for
their kids college.
I was taught to work and you shall receive but that is not
true anymore. Please help the working poor.
What I take out of this more than anything is back in the 1940s and 1950s our government, through legislation that President Roosevelt signed in 1944, the GI bill, created a whole generation of prosperity. Millions and millions of young men and women coming out of World War II were given the opportunity to go to college and build homes and get their families started.
Because government at one time helped these millions and millions of students, it lifted the entire country. It lifted the economy. We had a much more prosperous economy because all these young men and women went to college because they chose to--millions and millions of them-- because of the GI bill. It meant colleges were built. It meant more highways were built. It meant more businesses were started after they got out of college.
This subsidized Stafford Loan, as the Presiding Officer this afternoon knows, as we all know, helping all of the hundreds of thousands--in my State 380,000, in Minnesota more than 200,000 students--helping those hundreds of thousands of students in our two States will help our States become more prosperous.
Again, I urge my colleagues to support our legislation. Lock this in. Do it bipartisanly. It was bipartisan 5 years ago, as the highway bill used to be bipartisan, as raising the debt limit used to be bipartisan. Please return to those days when bipartisanship around here was rewarded and was effective.
I close by asking people to go to my Web site and tell us your story: brown.senate.gov/collegeloan stories. Tell us your story. I would like to share it with my colleagues because I think putting a human face on this for the student, for the parents who are struggling, even for the grandparents who care so much about the future, as most of our grandparents do, can make a real difference.
I suggest the absence of a quorum.