Political Quotes

“I thank the chairman and all the members of the committee for their fine work in the proposed legislation. I rise today in support of my amendment, No. 11, to H.R. 6395. This amendment would provide much-needed assistance to roughly 6 million private student loan borrowers by authorizing appropriations of up to $10,000 per borrower to pay down their student loan debt. Additionally, this amendment would require private student loan servicers to modify the loan to lower the monthly payments by re- amortizing the loan and/or lowering the interest rate when the borrower resumes payment. This is a commonsense requirement that helps both the borrowers and the servicers, who will receive a lump sum payment and should, therefore, make sure that subsequent payments by borrowers are affordable and sustainable. Private student loan borrowers did not receive any of the reprieve that the Federal student loan borrowers were able to access through the CARES Act. This means that roughly 6 million private student loan borrowers have had to continue to make payments during an unprecedented health and economic crisis, hurting not only their economic health but our country's, too. We know the private student loan borrowers are particularly vulnerable. Prior to the pandemic, one in seven student loan borrowers were more than 90 days delinquent. COVID-19 has only exacerbated this problem.…”