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Congressional Record [.PDF]
IN THE HOUSE OF REPRESENTATIVES
Wednesday, January 17, 2007
2007 Ron Paul 19:1
Mr. PAUL. Madam Speaker, anyone who knows a recent college graduate is well aware of the way many young people struggle to pay their student loans. By slightly reducing the interest rate on student loans, H.R. 5, while far from perfect, will help ease this burden. A commendable feature of this bill is that, instead of placing new burdens on taxpayers, it pays for the reduction in interest rates by reducing subsidies to financial institutions. Thus, the bill does not increase the deficit, taxes, or the size or scope of government.
2007 Ron Paul 19:2
All-too-often, government programs, which the taxpaying public believes help lower-income Americans, actually provide government subsidies for politically powerful business interests. For example, in the student loan program under discussion today, taxpayer dollars are provided to financial institutions in return for those institutions agreeing to provide student loans under terms set by the government. By reducing subsidies for financial institutions in order to benefit recent graduates, H.R. 5 takes a step toward ensuring the student loan program actually focuses on helping students and recent graduates, instead of using taxpayer dollars for a disguised form of corporate welfare.
2007 Ron Paul 19:3
In addition to passing H.R. 5, Congress should also help more Americans afford college by passing my Make College Affordable Act, H.R. 193, that makes college tuition tax deductible. There has been talk of bringing legislation like H.R. 193 to the floor later this year. I hope all my colleagues — regardless of their positions on the bill before us today — can unite behind helping middle- and working- class Americans afford college by supporting my Make College Affordable Act or similar legislation.