Tom Latham: “I rise today in tepid support of H.R. 5, the College Student Relief Act. As a result of this measure, approximately…”

“I rise today in tepid support of H.R. 5, the College Student Relief Act. As a result of this measure, approximately 55,000 subsidized Stafford loan borrowers in Iowa, many of whom attend Iowa State University and other colleges in my district, will have their interest rates reduced upon entering repayment after graduation. The savings college graduates will realize through this interest rate cut, approximately $2,300 for students starting school this upcoming academic year, is commendable and deserves our support. However, any statements implying that this measure makes college more affordable or more accessible, those statements are simply incorrect. The fact is this legislation does neither. How can a reduction in student loan interest rates make education more accessible when students do not feel the effect of the rate cuts while they attend school? Only after the students are through school and enter repayment will they be able to take advantage of the provisions of this bill. So H.R. 5 does not expand college access for a single Iowa student in any way. Further, any claim that this measure makes college more affordable is pure conjecture. Institutions of higher education have been increasing tuition at an alarming rate, 35 percent in the past 5 years.”