Peter Welch: “Parents who thought they had equity in their home and were going to be able, after working 30 years of work, to finally…”

“Parents who thought they had equity in their home and were going to be able, after working 30 years of work, to finally take that cruise or that vacation, they're refinancing their home to help their kids. And despite that--which compromises their retirement--their kids are getting out of college in Vermont with an average debt in the range of close to $30,000. It's tough on the kids, it's tough on the parents, it's bad for our economy, and it's just not right. We borrow, the Federal Government, at 1.8 percent, and we're going to charge up to 8 percent for families? We're lending to the banks at 0.75 percent. {time} 1140”