On the recordSeptember 10, 1996
I am pleased to share my support for the Student Debt Reduction Act of 1996. The bill brings together two issues that have had the highest priority, my highest priority during my 18 years in Congress: education and debt reduction. There is no greater gift to our young people than an education. By reducing individual cost to students, we are giving students the chance to focus on their education instead of how they are going to pay for it. Specifically, the bill allows lenders in the student loan program to pay origination fees charged to students who obtain unsubsidized Stafford, so-called Stafford loans, and in so doing we are lowering the cost to students and increasing competition within the student loan program by making unsubsidized loans an equal player, all while adding no cost, repeat, no cost to the Federal Government.
Source
govinfo.gov
