Political Quotes

“Mr. President, we've made a lot of progress over the past couple weeks helping our Nation's students borrow at reasonable costs for their higher education needs. This year alone, students are projected to borrow $21 million in federal student loans. Borrowers currently carry about $1.1 trillion in student loan debt. Several Federal programs help borrowers having trouble keeping up with student loan debt. Two programs in particular are designed to recognize the sacrifice made by those who serve our country--whether it's in the military or through public service. The Servicemember Civil Relief Act protects our servicemembers from interest rates above 6% on all loans--including student loans taken out preservice--while they are on active duty. The Public Service Loan Forgiveness program encourages people to become public servants by forgiving student loan debt after 10 years of public service--including military service. Under this program borrowers must enroll in a qualifying repayment plan and make 10 years of payments while working in public service before the loan is forgiven. To be eligible, borrowers with Perkins or Federal Family Education Loans must consolidate their loans into a Direct Consolidation Loan to be eligible for the Public Service Loan Forgiveness program. However, there's an unintended consequence at play here.…”