Political Quotes

“This amendment is an attempt by the Democrats to rewrite private contracts and put private lenders out of business, accomplishing their goal of socializing all student loan debt. This amendment authorizes between $45 and $50 billion of taxpayer dollars to cancel or substantially lower private student loans. But it does not require that a student borrower demonstrate a financial need for such support, and the amendment does not credit students that have already paid off their student loans as required. It picks winners and losers at taxpayer expense. The amendment directs Treasury to provide up to $10,000 for every single private borrower to be used toward private education loans, even if there is no demonstrated financial need for support. It wrongly assumes all private student loan borrowers have been impacted by COVID- 19 and creates a situation that is ripe for waste, fraud, and abuse. Every Member of Congress recognizes that student debt is an issue that must be tackled. However, what is often not mentioned is that the Federal Government is the largest consumer lender, owning or guaranteeing $1.4 trillion out of a total of $1.5 trillion in student debt. In 2010, Democrats largely nationalized student debt by eliminating the Federal Family Education Loan Program, where private lenders made federally guaranteed student loans to parents and students.…”