Political Quotes

“This amendment requires the discharge of private education loans in the event the borrower dies or becomes permanently and totally disabled. Republicans are very sympathetic to both situations. Private education lenders already provide relief to the estates of deceased student borrowers and the student loan borrowers who become permanently and totally disabled, if requested. Furthermore, in a competitive market, student loan seekers are free to choose between lenders who observe similar practices and those who do not. Congress should not attempt to legislate the terms of agreement to which the parties have already agreed. This amendment imposes a new condition on private education lenders in contracts that haven't been negotiated or discussed between the lender and borrower. If this amendment becomes law, this clause would be automatic, increasing compliance costs for lenders, diminishing the market value of existing loans, and having the downstream effect of making credit more expensive for consumers. Therefore, I believe this amendment is a solution in search of a problem. It would insert Congress into a process that is already being utilized by lenders. And while I understand the gentlewoman's concerns that led to drafting this amendment, I cannot support it in its current form. In fact, I would personally be happy to work with the gentlewoman to solve the problem in a different way.…”