Political Quotes

“I thank the gentlewoman for yielding. As someone with a consumer protection background, I thank her for her amendment. It has already been stated during the debate that there is close to $1.5 trillion in outstanding student loan debt. It should be no surprise that there are companies and individuals poised to make money on the backs of student borrowers through fraudulent means. In recent years, there has been an explosion of third-party debt relief scams targeting student loan borrowers. These businesses claim that, for a fee, they can cut through the red tape for borrowers and get their student loan house in order. They misrepresent services, make promises they can't keep, and charge for activities that cost nothing. State and Federal consumer protection groups have already started cracking down on these groups. State attorneys general, the Federal Trade Commission, and the Consumer Financial Protection Bureau have either sounded the alarm or conducted enforcement actions targeting these fraudulent companies. We should use this opportunity in this bill when conducting loan counseling to remind students that their loan servicer is paid through the Department of Education to provide assistance with these services free of charge. They should be wary of any third-party company attempting to facilitate repayment of their Federal student loans. It is a commonsense addition to the bill, and I thank the gentlewoman for offering the amendment.…”