I would support a bill that says the interest rate on direct loans should be calculated as follows: Take the cost of the government acquiring the money, add to that the cost of administering the program, both on campus and the Department of Education, put in reserve for loan default, and make the interest rate that, which is what we proposed in 1991, as setting a rate that would be considerably lower than 6.8 percent.
Andrews proposes a formula for calculating lower interest rates on direct loans.
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I would like to be heard on the point of order. The SPEAKER pro tempore. The gentleman from New Jersey is recognized. {time} 1800
the best scenario of the four is the status quo, which is grim. The other three compete in terms of their grimness.
I am opposed to the bill. The SPEAKER pro tempore. The Clerk will report the motion to recommit. The Clerk read as follows: Mr. Andrews moves to recommit the bill H.R. 3350 to the Committee on Energy and Commerce with instructions to…
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