Joe Manchin: “So the money I would have to borrow, even though I qualify because of my income for a subsidized loan, I don't have to…”

“So the money I would have to borrow, even though I qualify because of my income for a subsidized loan, I don't have to pay the interest on an annual basis. So by bringing it down to one low rate, I am making much lower payments. So that is less obligation and less hardship on me as a college student to make that lower payment than it would be to make that higher payment. We want to help the subsidized, very poor kids. I might be poor, but I can't make it on just what you give me because I am poor. I have to have a little more help. Then, on top of that, I want to go to graduate school after I get my college degree. So then I am at 6.8 again. Ours brings it down to 5.21, which is more savings, which I know the Senator agrees to. If I may ask my colleague from Tennessee, right now we know we have a consolidated cap at 8.25 percent. Let's say I graduate and I went to school during the high recession times. At the end, I have an 8.75- percent accumulative interest I owe. I can cap that and consolidate at 8.25, correct?”