Susan Davis: “As the cost of a college education continues to rise, Americans have become increasingly dependent on Federal student…”

“As the cost of a college education continues to rise, Americans have become increasingly dependent on Federal student loans for access. Families are watching tuition creep up year after year, while their incomes and their savings have not kept pace. To make matters worse, there have been widespread reports of abusive practices in the student loan servicing industry, and that makes it harder for borrowers to repay their loans. These trends jeopardize the promise of higher education as the great equalizer, a place of opportunity for all. Parents are worried that their children won't ever get a shot at the American Dream because they are drowning in debt. And this week, the majority will bring up legislation that would undermine the Consumer Financial Protection Bureau's independence and their rulemaking authority; and this bill would weaken essential consumer protections and make it all but impossible to fight abuse in the student loan industry. Mr. Speaker, I urge my colleagues to vote ``no'' on H.R. 3193 and stand up for students and families who deserve fair treatment. ____________________”