On the recordJuly 20, 2020
I thank the gentleman for yielding. Mr. Speaker, I rise today to discuss the flaws of this amendment as ranking member of the Committee on Education and Labor, which has jurisdiction over the Federal student loans. Federal student loans dominate the education loan marketplace, with roughly 92 percent of all outstanding student loans. Mr. Speaker, proponents of Big Government have succeeded in offering the most generous loan terms in the marketplace, but the private student loan marketplace hasn't made the same mistakes the Federal Government has. The private student loan companies underwrite their investments. Their model fosters student success because that is the only way they, as a business, can succeed. It was stated earlier that students had to make payments on their loans in the past few months. Well, that is what they agreed to do and what all borrowers agree to do, Mr. Speaker. That is the way it works. Mr. Speaker, I urge my colleagues to reject this amendment which will complete the government takeover of the student loan industry and, in the process, fail to set students up for success.
