On the recordSeptember 10, 1996
H.R. 3863, the Student Debt Reduction Act of 1996, will allow students to receive lower-cost unsubsidized student loans by permitting lenders in the Federal Family Education Loan Program to waive or reduce origination fees. The savings to our students may be the full origination fee, which is 3 percent of the total loan amount. Since budgetary concerns are paramount today, as they should be, it is important to note that H.R. 3863 is budget neutral. It will not increase or decrease the amount of student fee revenues collected and transmitted to the Federal Government, but it will increase the amount of funds transmitted to our hard-working middle-class college students and their families. Republicans in Congress are working to make college more affordable for middle-class families struggling to afford their children the opportunity provided by a college degree, and this bill is an excellent example of our work.
Source
govinfo.gov
