Madam Speaker, I rise today in strong support of this legislation to reduce interest rate for student loans.

In my previous careers I spent years teaching and caring for students from all walks of life.  I have seen firsthand the value of a quality education for all students.  A lack of a good education hurts not only today’s students and tomorrow’s workers, it hurts our country’s efforts to remain competitive in an increasingly global market.

Madam Speaker, college is not for everyone and not everyone needs a degree to achieve their goals.  But no one should be denied one simply because they can’t afford the cost of tuition or because they fear being overburdened by tens of thousands of dollars in student loans.

We have all seen the rising cost of education -- 41% percent in the last 6 years alone.  Students today graduate with greater and greater debt which not only hamstrings them but also makes it hard for occupations that need highly skilled gradates but can only offer modest salaries.  For example, nearly 32% of graduates pursuing teaching careers can’t afford to repay their student loans on a starting teacher’s salary.  And if new graduates can’t afford to work in the careers where we need them the most – like teaching, nursing, or in social work – then all Americans will suffer.

By passing this bill, students starting school this year will be saving an average of $2,490 a year and by 2011 we will be saving students an average of $4,830 over the life of their loans.

I urge all of my colleagues to vote YES on H.R. 5 and help our students pursue their dreams and build our country.

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Pictured above: (center) Congresswoman Capps meets with Central Coast firefighters to discuss emergency preparedness.