Heidi Alexander: “if your car is a lemon, you don't sue the bank; you sue the dealer. A college can be a lemon, just like a car can be. A…”

“if your car is a lemon, you don't sue the bank; you sue the dealer. A college can be a lemon, just like a car can be. A college could promise a potential student a job and then tell them that 50 percent of their students scored perfectly on their SAT tests. The potential student might use that information to take out student loans and enroll in a college. Then, if the information turns out to be false, the student may be stuck with student loans they can't afford to repay. Unlike a car, if your college is a lemon, you do sue the bank, and the bank is the taxpayer. Today, Democrats are forcing the Senate to vote on a Congressional Review Act that, if passed, would overturn the Trump administration's borrower defense rule. This process allows a borrower of a Federal student loan to have their loan forgiven if their institution misled them and that misrepresentation led to financial harm. First, if your college closes, it is important for you to know that your loans are forgiven. Let me say that again. If your college closes, it is important for you to know that your student loan is forgiven. There are about 6,000 colleges and universities in our country, and 783 of them closed in 2018. For example, when Corinthian College closed, that made a lot of news. Many students, though, transferred to another college. But if they didn't transfer, they weren't stuck with their student loans; their loans were forgiven. We are not talking about that today when we vote.…”