Tim Ryan: “I rise tonight to speak a little bit about H.R. 1168, which is the Active Reservists and National Guard Student Loan…”

“I rise tonight to speak a little bit about H.R. 1168, which is the Active Reservists and National Guard Student Loan Relief Act of 2003. As we heard the President speak last night, this country will soon be going to war, and we will soon be sending many young men and young women off to fight for this country. Some of these soldiers who will be fighting in the Middle East and around the world have attended school, have attended college. They have student loans that they owe back to the government, and my legislation is very simple. It does two things. Once a soldier is activated, there is an automatic deferment of the loan, and the Federal Government will pay and subsidize the interest on that loan. I believe that is the least we can do for the soldiers that are going off and sacrificing. Many of these soldiers have mortgages, car payments, expenses. They are leaving their wives, their children behind, and many of them are taking a cut in pay. I think it is a very simple piece of legislation. I encourage this body to pass it and include it in the supplemental. This was included and used by the first President Bush during Operation Desert Storm, and I think it should be promised to our troops today. One example is that if a soldier has $50,000 in loans taken out, that the Federal Government will step in and will save this soldier $2,600 a year.”