(Mr. FALEOMAVAEGA asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)
Mr. Speaker, President Obama stated recently that ``no issue will have a bigger impact on the future performance of our economy than education.'' I commend President Obama for backing up this statement with key proposals that will make higher education more affordable for college students throughout our great Nation.
President Obama's proposal would increase Federal investment in the Perkins loan program from $1 billion to $8 billion, while rewarding colleges and universities that lower tuition costs and provide value to especially low-income students. President Obama also wants to increase the Pell Grant program for millions of college students.
President Obama has also proposed a ``Pay As You Earn'' plan to allow students to put a cap on their monthly payments and allow debt forgiveness balances after 20 years of payments.
Like the GI education bill that helped provide college education for millions of our veterans after World War II, these programs are critical to giving our young generation of college students a greater chance to complete their college education. As a Vietnam veteran, even I would not have completed my education if it had not been for the GI Bill.
Mr. Speaker, I commend President Obama for his leadership and initiative to provide good quality education for all our young generation of Americans.
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