The US Leads Act

Floor Speech

Ms. RICHARDSON. Mr. Speaker, the higher education system in the United States is the envy of the world. The universities here are a part of America's backbone, providing young people with the skills and knowledge necessary to succeed in today's global economy.

However, Mr. Speaker, as the value of a college education has risen, so has the cost of tuition at universities across the country. Nowhere is this truer than in public universities in the state of California where budget cuts, furlough days, and tuition increases have become the new normal.

Average in-State tuition and fees at public 4-year institutions of higher education have risen 8.3 percent between the 2010 2011 and 2011 2012 academic years. The tuition hikes at public universities threaten access to higher education for millions of low and middle-income students who have worked hard in high school and deserve to go to college.

As a result of the increase in tuition at public and private universities, student loan debt now exceeds credit card debt (totaling $870 billion) and is expected to reach one trillion dollars this year. Students graduating from college between 2006 and 2010 had a median student loan debt of $20,000.

I am the proud sponsor of H.R. 5801, the Unshackling Students to Lead, Excel, Act, Develop and Succeed Act, or the ``U.S. LEADS Act,'' which will provide student loan debt relief for recent college graduates searching for employment.
The U.S. LEADS Act, would assist recent college graduates who are entering a difficult job market by allowing them to defer payment on their federal student loans without accruing interest when the national unemployment rate exceeds seven percent, or when the unemployment rate for 21 25 year olds exceeds nine percent.

We know that a college education is one of defining markers in determining an individual's economic security. According to the Bureau of Labor Statistics, the unemployment rate for the civilian population 25 years and over with at least a bachelor's degree is 4.2% while the rate for individuals with only a high school degree is 10.7%.

Helping young Americans pursue higher education provides them with the most secure pathway to the middle class and is an investment in our country's future. Our economy depends on an educated citizenry to out-compete and out-innovate the rest of the world,

and maintaining access to a quality and affordable education is central to preserving America's status as the global center for academic research and technological innovation.

If my bill were to pass, it would provide relief to more than 25,000 recent college graduates in my congressional district alone.
Students who have worked hard and played by the rules deserve the peace of mind in knowing that they will not be crushed by the weight of their student loan debt if they are unable to retain gainful employment as soon as they graduate from college.

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