Frank Pallone: “Exactly, and they started it on an experimental basis at certain colleges and universities, Rutgers being one of the…”

“Exactly, and they started it on an experimental basis at certain colleges and universities, Rutgers being one of the first, and at Rutgers it expanded the number of student loans that they can give out. Now all of a sudden we are hearing as a part of this budget that they want to cap the direct loan program, I think it is at 10 percent, and not allow it to be expanded to other colleges and universities. In my district, my college, for example, which was a 4-year institution, would not be able to establish a direct loan program under this Republican budget or proposal, and again it makes no sense. I mean it is essentially nothing but a special interest effort to say let us go back to the old way where the middleman, the banker, or financial institution, makes the money and no one is proposing that this makes any sense. It is certainly going to make it harder to get a loan for individual college students and obviously eliminate a lot of opportunities that students would have to be able to go to college. It makes no sense.”