Political Quotes

“I am concerned by the inclusion of provisions in this bill related to eligible trustee relationships with eligible institutions and the negative implications that these provisions will have on the availability of low-cost Federal loans and need-based grants in Pennsylvania and across the Nation. I am also concerned that this legislation was not discussed with the affected institutions and is being brought to the floor for a vote less than a week after it was introduced. Nearly 150 institutions of higher education participate as Federal Family Education Loan--FFEL--program lenders to their graduate and professional students, including many of the leading medical and law schools in the country. The financial benefits offered to students who borrow through their institution are better than what was available to students at the institution prior to the school becoming a lender. These institutions are required to pay the loan origination fees or reduce the interest rates that their borrowers are charged, and many institutions choose to do both. Over the past 8 years, Widener University in my district has been able to provide nearly $8 million more in grant aid to needy students as a result of its activity as a school lender. Over 90 percent of the students at Widener require financial aid to pursue their studies.”