Jon S. Corzine: “This change in regulation is done once in 10 years, by the way, not on a systematic every-year basis looking at what is…”

“This change in regulation is done once in 10 years, by the way, not on a systematic every-year basis looking at what is going on in the States. It will have the potential to affect your students in Iowa or my students in New Jersey and anywhere across the country. The effect is quite substantial, and it also can reduce that amount somebody would be eligible for a Pell grant. So $4,000-plus could be reduced to $2,000. This could be meaningful dollars in grants that are lost to students across this country just at a time, by the way, when tuition is going up 10 percent a year--in that neighborhood--in State universities across the country, at the same time that universities are having to cut back classes because they do not have the resources coming and budgets are being reduced from the State governments. It is a difficult mix of things to be implemented. We ought to act sooner rather than later. That is why we are talking about it now.”