Jim Sensenbrenner: “Mr. Speaker, let it be clear that this exemption expired on October 1, and if the exemption is not reinstated and…”

“Mr. Speaker, let it be clear that this exemption expired on October 1, and if the exemption is not reinstated and continued, well-endowed private colleges and universities, the gentleman from Massachusetts has several in his State, and I am a graduate of one of them, and the gentleman from Texas is also a graduate of one of them, will basically be able to use their superior financial resources to buy out the best students, generally by giving them more money than they really need for financial aid, even though the tuition at these colleges and universities is pretty steep. By passing this bill and by reinstating the exemption, there will be more money to go around to more good students and to open the doors to these well-endowed, prestigious private colleges and universities to more people to be able to go there.”