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STUDENT LOAN FORGIVENESS
(Mr. SWALWELL asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)
Mr. SWALWELL. Madam Speaker, millions of Americans are in the quicksand of student loan debt, and we ought to do something about it.
Student loan debt is the second highest form of consumer debt impacting one-fifth of U.S. households, to the tune of $1.6 trillion. At this rate, it would take a college graduate with a bachelor's degree nearly 20 years to pay off their loans. That is why I have introduced bills to attack this crisis and put more money in the pockets of young Americans.
With bills like my No Student Loan Interest Act, all interest on new and existing Federal loans would be eliminated. Zero percent interest going forward. And for graduates who devote their careers to public service, we ensure they receive loan forgiveness in proportion to their years of public service.
Making college affordable is not a Republican or Democratic issue, it is an American issue, so that young Americans can start families, start new jobs, and start to build a business, if that is what they desire to do. It is one that benefits every living generation from the students of yesterday to the students of tomorrow.
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SOURCE: Congressional Record Vol. 167, No. 131
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