[Congressional Record Volume 156, Number 133 (Wednesday, September 29, 2010)]
[Extensions of Remarks]
[Pages E1782-E1783]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             CHRISTOPHER BRYSKI STUDENT LOAN PROTECTION ACT

                                 ______
                                 

                               speech of

                         HON. LAURA RICHARDSON

                             of california

                    in the house of representatives

                      Tuesday, September 28, 2010

  Ms. RICHARDSON. Mr. Speaker, I rise today in support of H.R. 5458, 
which would help families avoid financial uncertainty by requiring 
banks providing student loans to inform borrowers and cosigners of 
their obligations in case of incapacity or death; to define those terms 
in a standard way; and to discuss the option of credit insurance, which 
helps pay off debt in the event of death.
  I want to thank my colleague, Congressman John H. Adler, for 
introducing this legislation. I would also like to express my deepest 
condolences to the family of Christopher Bryski.
  Mr. Speaker, the Bryskis are hardworking people who in 2006 lost 
their son Christopher in a recreational accident, a tragedy no parent 
should ever have to endure and certainly one that the Bryskis could 
never have anticipated. In the midst of this tragedy, the Bryskis were 
unexpectedly burdened with Christopher's remaining student loan debt. 
As they soon found

[[Page E1783]]

out, co-signers are often obliged to pay off the balance of private 
student loans in the instance of such tragedies, a requirement that is 
typically not included in federal loans. This bill would protect 
families like the Bryskis, including many of the families in my 
district, which contains three community colleges and five 
universities.
  From 2007-08, 13 percent of students attending four-year public 
colleges or universities and 26.2 percent of those attending private 
four-year institutions had private student loans. The SLM Corporation, 
the major private loan provider commonly known as Sallie Mae, estimates 
that 84 percent of private student loans involve cosigners. These 
statistics make clear the need for private loan companies to thoroughly 
educate the students and families to whom they provide aid. This is the 
best way to ensure that American families are adequately equipped to 
manage their loans under any circumstances.
  Mr. Speaker, I urge my colleagues to join me in supporting H.R. 5458 
and recognizing the immense burden that may befall millions of families 
across the nation if Congress does not act.

                          ____________________