March 30, 2006

Mr. Speaker,

I rise in opposition to the so-called College Access and Opportunity Act of 2005 (H.R. 609). This Republican bill represents a significant missed opportunity to rollback the raid on student aid and make higher education more affordable and accessible for America’s students.

When it comes to helping families pay for college, Republicans never miss an opportunity to miss an opportunity. But when their campaign contributors say jump, Republicans always ask how high.

In December, The Chronicle of Higher Education reported that while Chairman of the House Education and Workforce Committee, Representative Boehner assured nervous private lenders – who in 2003-2004 contributed more than $250,000 to his campaign – that they would gain rather than lose under the Deficit Reduction Act. "Relax. Stay calm,” Boehner told the Consumer Bankers Association. “At the end of the day, I believe you'll be at least satisfied, or even perhaps happy. Know that I have all of you in my two trusted hands."

Instead of reducing lender subsidies as was originally proposed, Congressional Republicans subsequently raised interest rates on parent borrowers and required student borrowers to continue paying excessive, above-market interest rates. In total, Republicans cut $12 billion from student loan programs – the largest cut in our nation’s history.

Today, Representative Boehner is back to his old tricks, protecting the bottom lines of private lenders rather than the pocketbooks of hard-working students. H.R. 609 does nothing to restore the much-needed student loan subsidies cut under the Deficit Reduction Act. Rather, this legislation keeps student loan interest rates for low- and middle-income Americans at an unnecessarily high 6.8%, guaranteeing private lenders a profit and students mountains of debt after graduation.

Further, H.R. 609 continues to underfund the Pell Grant program, even as the program’s purchasing power declines on annual basis. The bill freezes through 2013 the authorized maximum for a Pell Grant scholarship – at just $200 above current levels. As the cost of education rises, the purchasing power of Pell Grant loans declines.

It is past time that we had a higher education bill that makes college more affordable, boosts America’s economic competitiveness, and invests in America’s continued prosperity. This legislation does none of the above. I urge my colleagues to join me in voting against H.R. 609 so we can bring forth a bill that actually does what’s needed for higher education.