Political Quotes

“I rise in support of H.R. 3863, the Student Debt Reduction Act, even though I continue to have reservations about the timing of the legislation in light of the upcoming reauthorization of the Higher Education Act next year. My colleagues on the other side of the aisle claim this bill corrects a simple technical problem, but I believe it does much more than that. This legislation has the admirable intent of reducing college costs for students, which I am always in favor of, but it also has significant policy implications for student loan programs which have not been examined at either subcommittee or full committee levels. Throughout the country, students and their families are facing increasing college costs and declining Federal aid. Democrats, Madam Speaker, have always been supportive of expanding opportunities for all students in Federal financial aid programs. I, for one, would like to see the elimination of this loan origination fee altogether and will make this a priority issue during next year's reauthorization. Madam Speaker, I am concerned that this bill as written would permit lenders to pay origination fees for some students but would not provide this same opportunity for students who receive loans under the direct loan program. We should have a level playing field in the student loan arena, and this bill upsets that equal ground, I believe.”