Rubén Hinojosa: “there is much good news in higher education this year and we should take a few moments in the House of Representatives…”

“there is much good news in higher education this year and we should take a few moments in the House of Representatives to take note of it. This is news for which we can all take some credit--the Congress, the Administration, borrowers, colleges and universities, lenders, loan guaranty agencies--so it is in that spirit that I offer these observations. Twenty to 25 years ago, few people left college with student loan debt. But today, student loans are a fact of life for millions of students and graduates. They have opened the door of opportunity to individuals who otherwise would have no options to improve their earning potential. President Clinton recently announced that the student loan cohort default rate is the lowest on record, falling from a high of 22.4 to 6.9 percent. This represents a savings to taxpayers of approximately $7 billion over the period from fiscal year 1993 to fiscal year 2000. But more importantly, it speaks volumes about the Department of Education's program flexibility and willingness to work with borrowers.”