Political Quotes

“this amendment does three things, all of which will, I believe, aid career colleges in proprietary skills and in their ability to hold down at-risk default rates. They are serving populations who, as a result of being at risk, have a tendency to have higher default rates. They want to work with the system to be able to help hold down those default rates because, obviously, they want to stay in business and continue to educate. So the first provision that we put in this amendment is to require the guaranty agencies and lenders to contact institutions when they are doing skip-tracing of borrowers who have gone into default. In other words, this will allow the schools to be notified when former students of theirs are going into default because, in many cases, through their placement offices they know where to locate these people and can, in fact, aid the lending institutions and guaranty agencies in bringing these people back on to a payment schedule, to avoid default, and to keep the default rate low, but also to help the young people who are out now in the working environment avoid a bad thing on their credit. And, obviously, it will save the Federal Government some money. Secondly, it sets September 30 of each year as the deadline for the Department of Education to release its annual default rate for schools.”