William R. Richardson: “I rise today to express my strong support for extending the College Loan Default Exemption Act. I am pleased this…”

“I rise today to express my strong support for extending the College Loan Default Exemption Act. I am pleased this legislation includes extending the college loan default exemption to tribally controlled Indian community colleges. Default rate limitations were originally included in the 1990 Omnibus Budget Reconciliation Act to put an end to student loan abuses by a few private trade schools. The loan default limitation inadvertently excluded historically black colleges and universities and tribally controlled Indian community colleges, particularly those on the Navajo Reservation, Navajo Community College. Although tribally controlled Indian community colleges have significantly decreased their default rates since 1990, they need additional time to implement administrative reforms and establish special peer counseling systems designed to reduce fault rates. Mr. Speaker, I firmly believe that this bill will give tribally controlled community colleges the time and structure that they need to design and implement programs that would lower their loan default rates and not deprive any native American student from the Federal aid that they need to further their education.”