Political Quotes

John Sarbanes: “I must say, when I saw that article, the first thing I thought to myself was: They must have figured out some sort of…”

On the recordApril 29, 2002
I must say, when I saw that article, the first thing I thought to myself was: They must have figured out some sort of unique way to achieve some savings in the college loan program which will not affect the beneficiaries of the program. It never occurred to me until I read the article, to which the Senator has referred, that they were intending to take this money right out of the hide of the beneficiaries. As I understand it, we have had this program where people can consolidate their loans and lock them into place with a fixed interest rate. That has helped, as I understand it, to significantly reduce the default rate on college loans, if I am not mistaken. I think 10 years ago we had a default rate at about 22 percent, and now we have cut that rate to, what, about 5 percent?
Said by
John Sarbanes
Democratic · Maryland
Source
govinfo.gov

Editor's note · Context

Discussing the impact of changes to the college loan program on beneficiaries.

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