Political Quotes

“I think they would. I think one of the agreements we came to was that students ought to be in control of their decision about their loan rate based upon what is available to them. If students go through the next 4 years and they have a combined interest rate of about 4.5 percent for the life of the loan, why in the world would they be excited at 8.25? If for some reason 10 years from now somebody got out of school and their combined interest rate was 9 percent, we give them the option of going back to 8.25. I think the Senator from West Virginia made an extremely good point. For the most subsidized students, they can only borrow $3,500. Think of the institutions that are out there--none of them have an annual tuition of $3,500. We know they are going to borrow out of the 6.8- percent pot. What we are offering is that the pots are the same and that the subsidy is that--for students who qualify for the subsidy-- they are not responsible for the interest rate while they are in school. That subsidy still exists. It is just that we are not overcharging one group and we are certainly not overcharging the ones we just subsidized because they have to borrow more money to complete their college education.”