Michelle Fischbach: “I thank the Representative from Colorado for yielding me the customary 30 minutes, and I yield myself such time as I may…”

“I thank the Representative from Colorado for yielding me the customary 30 minutes, and I yield myself such time as I may consume. S. 1098 is intended to ensure borrowers who need to separate their loans urgently because they are victims of domestic or economic abuse are not put in further harmful financial situations due to having a joint consolidation loan that cannot be separated. Republicans fully support the intention of the bill, and it is something we should be able to address in a fully bipartisan manner. However, they are concerned that this bill misses the mark. According to the Department of Education, this bill could not be implemented for at least a year or longer. If we want to truly solve this problem, victims need help immediately. This bill also broadens the Secretary of Education's authority. It gives the Secretary the authority to allow for new consolidation loans if it is in the fiscal interest of the Federal Government but does not define the term. In addition, this bill did not receive a hearing in the House Education and Labor Committee, no discussion, no input, simply accepting the Senate's version, which was introduced before the President's announcement of student loan forgiveness. My Republican colleagues on the Education and Labor Committee have an alternative bill that will protect victims of abuse, allowing borrowers to separate their loans immediately rather than waiting up to 18 months.…”