[Congressional Record (Bound Edition), Volume 155 (2009), Part 16]
[House]
[Page 21950]
[From the U.S. Government Publishing Office, www.gpo.gov]




                  NATIONAL DIRECT STUDENT LOAN PROGRAM

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Madam Speaker, there was a lot of bloviating on the 
Republican side yesterday about the government takeover of the student 
loan business. What nonsense. I mean, what we are going to do is stop 
subsidizing the banks. That's what the Republicans are really upset 
about here.
  Today, for every dollar in student loans, the taxpayers are dinged 15 
cents--subsidies to the banks. If we convert to a National Direct 
Student Loan Program--the minority of the loans today go through that--
for every dollar we lend to a student we will get back $1.03.
  Now, they want to run government like a business, but their idea of a 
business is shoveling subsidies to the private sector. I want to run 
government like a business. I want to give more loans to students, more 
effectively, at lower cost to the taxpayers. That's the National Direct 
Student Loan Program. This is a reform that's long overdue. Stop crying 
about the subsidies to the banks.

                          ____________________