Tom Harkin: “My friend from West Virginia made a statement a few minutes ago that resonated with me. He said we are trying to get the…”

“My friend from West Virginia made a statement a few minutes ago that resonated with me. He said we are trying to get the market rates because we always had the rates. When I first went to college in 1958, 1959, 1960, and 1961, I borrowed money under this program. It came into being in 1958, so 1959 was the first year I borrowed money. It was called the National Defense Education Act or the Eisenhower bill. I went back and looked to see what the 10-year Treasury note was at that time for those 3 years that I borrowed. The 10-year Treasury note at that time ranged between 4.2 percent and about 4.8 percent. I borrowed money at 2 percent. I say to my friend, that is not a market rate. Not only did I borrow the money, but all the time I was in college I paid no interest charges. I spent 5 years in the military with no interest charges. I then went to law school--3 years in law school--with no interest charges. Then I had a 1-year grace period after I graduated from law school with no interest charges. For all those years the interest rate clock never started ticking.”