Tom Harkin: “the bill before us now, like the House GOP bill, fails the first policy test of do no harm. It is worse for students…”

“the bill before us now, like the House GOP bill, fails the first policy test of do no harm. It is worse for students over the long term than if we even let the rate double. These are CBO projections. If we, again, adopt the next bill which leaves the interest rates at 3.4 percent--that is this sign here--that is what students would pay in interest. If we let it double--this is the white line. If we adopt the Republican bill, as you can see, in 2 years students will be paying more over the next 10 years in interest rates than if we even let it double. Here is the bottom line on it: If we keep the rates at 3.4 percent, a student who starts college next year, goes for 4 years, borrows the maximum of $19,000, will pay $3,510 in interest over 10 years. That is the life of a Stafford loan. If we adopt the Republicans' bill, that same student borrowing that same amount of money will pay $6,590 in interest over 10 years. This is the worst possible approach. You shouldn't reduce the deficit on the backs of students who can't even discharge this in bankruptcy. The PRESIDING OFFICER. The Senator's time has expired. The Senator from Tennessee.”