Madam Speaker, I rise in support of H.R. 3221, the Student Aid and Fiscal Responsibility Act.  This legislation makes urgently-needed investments in our education system by helping students and their families pay for college, modernizing schools and curricula, and training our future workforce for the 21st Century.

H.R. 3221 will provide reliable, affordable, high-quality federal student loans for all families.  Beginning July 1, 2010, all new federal student loans will be originated through the Direct Loan Program, which is insulated from market swings and can guarantee students access to low-cost federal loans in any economy. 

I am also pleased that $40 billion of the money saved from switching all loans to the Direct Loan Program will go to boosting Pell Grants.  Over the next ten years, this measure will invest more than $154.6 million in Rhode Island to increase the maximum annual Pell Grant scholarships to $5,550 in 2010 and to $6,900 by 2019.  In the 2010-2011 academic school year, this will help nearly 12,000 eligible students in my congressional district. 

Far too many students face unnecessary barriers when it comes to pursuing a college degree.  This measure will make it easier to apply for financial aid by simplifying the FAFSA form, which many families find confusing and overly burdensome, and allowing applicants to use the information on their tax returns.  Meanwhile, under this bill, Rhode Island will receive $3.8 million over the next five years for the College Access Challenge Grant program, which will bolster college access and completion support programs, increase financial literacy education, and help retain and graduate students. 

H.R. 3221 also strengthens our state’s seven community colleges that teach more than 15,000 students each year.  Community colleges excel at meeting the needs of students from all backgrounds and work with businesses to ensure students have the skills they need to fulfill local workforce needs.  This measure will establish a competitive grant program for community colleges to raise graduation rates, modernize facilities, and create new online learning opportunities. 

This legislation not only invests in our college students, but also focuses on the next generation of students by ensuring that all children have the preparation and skills they need on their very first day of school.  By creating the Early Learning Challenge Fund, competitive grants will be awarded to states that implement comprehensive reform of birth-to-five early learning programs.  H.R. 3221 also provides more than $13.7 million over the next two years to Rhode Island school districts for school modernization, renovation and repair projects that will create healthier, safer and more energy-efficient teaching and learning climates. 

Madam Speaker, this measure will have long-term benefits for our economy.  Going forward, we must continue to build upon these advances so the next generation is encouraged to pursue their dreams.  

Thank you, Madam Speaker.