Speeches
Pelosi: Student Loan Bill Makes Single Largest Increase in College Aid Since GI Bill Revolutionized America
07/11/2007
“I thank the gentleman for yielding. I thank you, Mr. Chairman, for your great
leadership in bringing us to this historic day.
“I rise today in strong support of the College Cost
Reduction Act of 2007.
“In 1944, when the GI Bill of Rights became law, our nation
made a decision to invest in the future.
It was an investment that transformed the lives of millions of
Americans. They, in turn, transformed
“Over the years, the GI Bill has offered opportunity and
economic security through education to more than 20 million of the brave men
and women who wore our nation’s uniform.
It has given
“Today, with this legislation, we will make the single
largest increase in college aid since the GI Bill of Rights revolutionized
“It is an investment to a bright future for our children,
just as the GI Bill had been an investment in a bright future for our
nation. Any economist will tell you that
any dollar spent on education is a dollar that makes a big return to our
Treasury. In fact, no dollar invested or
spent, no tax credit, no financial initiative you can name brings more money to
the Treasury than investing in education.
“In today’s competitive job market, a college education
often makes all the difference. Americans with college degrees can earn 60
percent more than those with only high school diplomas. So in the interest of individuals, this is
very important.
“Indeed, higher education is the single best investment our
young people can make in themselves, their families can make in them, and our
country can make in our future.
“Financial barriers will prevent 4.4 million high school
graduates from attending a four-year public college over the next decade, and
prevent another 2 million high school graduates from attending any college at
all.
“Cutting interest rates in half will make it possible for
more Americans to achieve their economic potential. And this is especially important for
strengthening the middle class. By increasing the maximum Pell Grant
scholarship by $500, nearly 6 million students will be given help to afford the
expanding cost of college.
“The cost of this bill is the equivalent of six weeks in
“This legislation is an important part of our innovation
agenda, where we invest in many more scientists, engineers, and
mathematicians. And by giving
opportunities to highly qualified teachers in our classrooms for this
innovation agenda, this provides an essential component for a bright future for
our nation.
“We will provide upfront tuition for highly qualified
teachers who agree to teach in high-needs areas. We will increase loan forgiveness for those
who practice civic responsibility, encouraging students to give back to their
communities as teachers, librarians, child welfare workers, and public sector
employees.
“Today, we are not only relieving the debt of
“The College Cost Reduction Act strengthens the future of
our students, and it strengthens our nation.
I think that this is an historic day, Mr. Chairman and my colleagues,
because it is a day about the American dream.
It’s a day about expanding our opportunity in our country. It is a day that recognizes that the best
dollar that we can spend is a dollar spent on education. And it recognizes that education is a key to
a brilliant future, not only for the self-fulfillment of our people, but for
the success of our country.
“Thank you, Mr. Miller and members of the committee for helping us honor that commitment to future generations. I urge our colleagues to support this important and historic legislation.”