Political Quotes

“I am sure the Senator came with a chart. But let me say that we have an 8.25-percent consolidation cap. The reality is that if you are going to move to a market-based system, the question we have as Senators is, How do we drive interest rates the lowest for our Nation's students? If you put a hard cap of 8.25, then all of a sudden this interest rate goes up, if we are getting to a zero surplus. It is not going to cost us anything, not going to make anything; 3.66 goes up, it doesn't go down. So by having the flexible cap at 8.25, where anybody can consolidate at any time, we are able to do it at the 10-year bond plus 1.85. And this is all CBO numbers. We are using the same source for this. But I think at the heart of this, and I say to my good friend from West Virginia, the real question is, Are we going to let 26 percent participate in an attractive interest rate or are we going to extend it to 64 percent, which is the entire class of undergraduates?”