Richard Burr: “This goes to the heart of what the Senator from Tennessee said. Today the subsidy goes to 26 percent of our students; 55…”

“This goes to the heart of what the Senator from Tennessee said. Today the subsidy goes to 26 percent of our students; 55 percent pay the 6.8 rate. Under the bipartisan bill, 64 percent--all undergraduates--get 3.66. If this is about affordability, if this is about what provides the greatest flexibility for students to afford it, then the answer is clear. It is on the chart. But it also computes in the monthly payments to which students are obligated. The fact is that for a typical student in their first year, taking $5,000 out, $3,500 comes from the subsidy-- $5,500 out, $3,500 comes from the subsidy, $2,000 comes from the 6.8 rate.”