Burgess Owens: “What the Republicans are trying to do in their attempt to fulfill their contract against America, we call it against…”

“What the Republicans are trying to do in their attempt to fulfill their contract against America, we call it against America, they say with America, in an attempt to do the undoable and bring the budget down to a level of balance by the year 2002, they are going to try to take $12 billion out of the student loan program. Already we have year after year reduced the number of grants available. The poorest young people going to college, we used to provide more grants. But we have steadily reduced the number of grants, so it is very hard to qualify for a grant. You have to be very poor, because the amount of Pell grants available, the amount of money available for Pell grants is very low. We have deliberately emphasized student loan programs. Because after all, you have time to pay for it after you get out of college and get a decent job. Most of our aid now is in the form of student loans. Now the Republicans are saying the student loan program should not be subsidized at all. What we do now is while a young person is in college, the interest on the loan is paid for by the Government. That is our contribution as taxpayers towards the student loan program. The students get out, pick up the loan, and they start paying the interest and principal until it is paid off. But the interest during the time they are in college is paid for by the Government, and if you take that away, that raises the amount the students owe.”