[Congressional Record Volume 153, Number 77 (Thursday, May 10, 2007)]
[Extensions of Remarks]
[Page E1017]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       STUDENT LOAN SUNSHINE ACT

                                 ______
                                 

                               speech of

                         HON. YVETTE D. CLARKE

                              of new york

                    in the house of representatives

                         Wednesday, May 9, 2007

  Ms. CLARKE. Mr. Speaker, I want to commend Chairman Miller for his 
leadership, promptness, and thoroughness on this issue and for bringing 
this bill to the House floor.
  H.R. 890--The Student Loan Sunshine Act, establishes requirements for 
lenders and institutions of higher education in order to protect 
students and other borrowers receiving educational loans.
  The key to both socio-economic mobility and stability has 
traditionally been through education. Education is critical to our 
economy as our global society transitions from an industrial to a 
technological society.
  There have been an increasing number of students enrolling in 
colleges, even though college costs are escalating. Students are 
particularly hard hit by the increasing cost of college attendance. As 
a result, the majority of college students rely on some form of student 
loans to finance their education.
  However, recently New York State Attorney General Andrew Cuomo has 
uncovered many unscrupulous lending practices and conflicts of 
interests in the student loan industry.
  In light of Mr. Cuomo's discoveries, a bill such as the Student Loan 
Sunshine Act is desperately needed. This bill amends the Higher 
Education Act of 1965, and requires each lender entering into an 
educational loan arrangement with a postsecondary school to:
  (1) Report annually to the Secretary of Education specified 
information concerning their arrangements with schools;
  (2) inform borrowers of their loan options under title IV (four) 
before extending private educational loans for attendance at schools; 
and
  (3) be barred by the school from marketing student loans in a manner 
implying the school's endorsement.
  For the protection of students and their families, I cast an aye vote 
in support of H.R. 890, the ``Student Loan Sunshine Act'' and I urge my 
colleagues to protect the integrity of the student loan program.

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