Byron Dorgan: “As I was saying, there is no evidence that being on the list or put on the list by the college offers the students the…”

“As I was saying, there is no evidence that being on the list or put on the list by the college offers the students the best financial arrangement, and with the cost of college increasing at twice the rate of inflation, I think we need to make sure that students have access to affordable loans. So I offer an amendment that does the following: It will create a clearinghouse of student loans, both Federal and private loans. That clearinghouse will put students in the driver's seat, allowing them to search for a loan that offers the best deal, the best financial arrangements for them, whether that be the loan that has the lowest rate or the loan with the best borrower's benefits. This gives the students the opportunity to shop in an informed way for the best situation for themselves. This type of clearinghouse will create more competition in the student loan industry. I can't imagine that many students would go to this clearinghouse and pick the loan with the highest interest rate. This will empower students. It is not a new concept. In fact, some schools, including the University of North Dakota in my home State, are already directing students to Web sites that allow the students to search through dozens of loan options by themselves to pick the best terms. But creating a clearinghouse is not enough. We need to make certain that students know that it exists.…”