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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