Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise today in support of the HEROES Act introduced by my colleague, the gentleman from Minnesota (Mr. Kline), and thank him for doing so. This HEROES Act is…
Madam Speaker, I yield myself such time as I may consume.
Madam Speaker, I rise today in support of the HEROES Act introduced by my colleague, the gentleman from Minnesota (Mr. Kline), and thank him for doing so. This HEROES Act is appropriate at this time, as we have become very familiar over the past few weeks, watching the war unlike we have ever watched a war before. To address this very serious issue of the student loan repayment, this is altogether fitting and proper.
This is a great first step for this Chamber to make; but Madam Speaker, I believe that as we continue to watch and become aware that this war is not going to be as quick as we thought it was going to be, as this war begins to extend, and as our troops who were activated for possibly months or a year, this conflict now may stretch to 2 years or to 3 years, specifically dealing with the student loans, as we talk about forbearance in that the Secretary will have the opportunity to forbear a loan as our servicemen and servicewomen are activated, this will allow them not to pay on their student loans for the time that they are active.
Unfortunately, while they are still serving our country, making great sacrifices, the interest on their loan will still be accruing; so this is a great first step, but I think we can do much better. I think we in the Chamber, as we go forward in the next few weeks, should continue to try to extend these benefits, possibly allow these soldiers to defer their loans, and to subsidize the interest, so when they get back after serving this country, they will not owe more than when they left. I think that is a small step that we should make in order to support our troops as we should.
I have a bill that is the Active Reservists and National Guard Student Loan Relief Act which would do this, and I think we should look into it. Some soldiers who have $50,000 in student loans will accrue $2,600 in interest if they are serving for only 1 year. When they come back, they will owe $2,600 more.
Madam Speaker, I urge us to vote in support of the HEROES Act, but continue to be open-minded with other options in which we can show support for our troops.
Madam Speaker, I reserve the balance of my time.
Madam Speaker, I yield myself such time as I may consume.
I would also like to thank the chairman of the committee for all of his work also on this effort. He has been great to work with; and I think, again, this is a good first step for us to take. And while he is here, I just wanted to mention a couple of people, one who is from my district in Ohio, Krista Rosado, Madam Speaker. She is a Reservist in my district. She has been called to duty for up to 2 years for the war on terror. She is a technical sergeant, and she has student loans in the amount of $11,400 with a 7 percent interest rate.
Now, under the current legislation that we are dealing with, she will accrue over $1,400 in additional interest on her loan. So when she does get back from service, she will owe this money. And I think the natural next step for us to take is to say to Krista, thank you for your service, thank you for your sacrifice, and we will take care of the interest on your loan while you were over serving your country.
I yield to the gentleman from Ohio.
Reclaiming my time, I thank the gentleman, and I look forward to working with him.
Madam Speaker, I reserve the balance of my time.
Madam Speaker, I reserve the balance of my time.
Madam Speaker, I yield myself 2 minutes.
Madam Speaker, I also want to thank the gentleman from Nebraska (Mr. Osborne), who is also a colleague of mine on the Committee on Education and the Workforce. I do not think there is a Member of this Congress who has more experience dealing with some of the hardships that young people deal with when in college. He mentioned that some of the Reservists who are on active duty and who have been activated that the HEROES Act is going to help. Sixty-seven percent of the Reservists have some college education with which this bill will be able to assist them, some college education or more; 25.8 percent have some college education but not yet have received a degree; and then of which the HEROES Act will also help 12.1 percent have an associate's degree; 20 percent have a bachelor's degree; 7 percent have a master's degree; and 2 percent have a doctoral or some professional degree. So this HEROES Act is going to address a significant number of people who are currently serving their country. Again, I commend the gentleman for introducing this legislation.
Madam Speaker, I reserve the balance of my time.
Madam Speaker, I yield myself such time as I may consume.
I would like to thank the gentleman for his fine work on the committee and his pledge of support to work with us. I think given the intellect of this body, we should be should be able to figure out a way to make this happen and to make sure that the soldiers over there who are sacrificing and risking life and limb for our own freedoms in this country, we should be able to work it out.
In closing, Madam Speaker, again, this HEROES Act is a great first step for us. As we said earlier, this addresses a number of people who are soldiers, who are making sacrifice for this country and really for freedom around the world.
Again, just to reiterate, the forbearance is a great first step. I think the intention of forbearing a loan, again, is for more of the shorter conflicts where our soldiers are just going to be activated for maybe a few months, where the accrual of interest would not be that significant. But as we see this conflict start to extend from a year to 2 years, or how long the President decides, we need to understand that the accrual of that interest needs to be taken care of, because these soldiers who, many as we know are making great sacrifices not only physically, but economically at home, and many of these soldiers who are over there are not earning nearly the amount that they would be earning if they were working here in this country.
They are taking significant pay cuts, taking enormous physical risks, and so the forbearance for a short conflict, the subsidies and deferment for longer conflicts where there is an opportunity to have significant accrual of the interest, I think that is a next logical step.
We are here to support these young men and young women who are fighting for this country, not just the soldiers on the front lines, but also those following whom we have seen become prisoners of war and missing in action. This is a very dangerous endeavor that we have taken.
I thank the gentleman again and very much look forward to working with him to take this to the next step and to the next level. I very much look forward to working with the gentleman and the chairman of the committee to do that.
Madam Speaker, I yield back the balance of my time.