On the recordJuly 24, 2013
as I indicated previously with respect to the amendment proposed by Senator Manchin, this proposal will provide short-term rate relief but lock in long-term rate pain for thousands of families and students across the country. It also represents the fundamental shift in our approach to student lending. It goes from investing in students and in our future economy to making those students be profit centers for the Federal Government. There is an estimated $184 billion over 10 years of profit in the current baseline. It is the difference between the cost of funding and the revenue paid by the students to the Federal Government. This proposal adds $715 million to that. Also, we have done nothing to address the $1 trillion of outstanding debt that students face today. This measure will add to that debt. Education has always been the engine of opportunity in this country. With this legislation, that engine will leave the station with many fewer students aboard. I urge a ``no'' vote. The PRESIDING OFFICER. Under the previous order, the clerk will read the title of the bill for a third time. The amendment was ordered to be engrossed and the bill to be read a third time. The bill was read a third time. The PRESIDING OFFICER. The bill having been read the third time, under the previous order the question is, Shall the bill pass?
