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Senate Proceeding on Mar 24th, 2010 :: 0:23:45 to 0:33:25
Total video length: 17 hours 55 minutes Stream Tools: Stream Overview | Edit Time

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Lamar Alexander

0:23:42 to 0:24:02( Edit History Discussion )

Lamar Alexander: yielded time off the bill. the senator from tennessee has been recognized. mr. baucus: mr. president? the presiding officer: the senator from new hampshire cannot reserve his right to the floor. mr. baucus: mr. president, again, might i ask who has the floor? the presiding officer: the

Lamar Alexander

0:23:45 to 0:33:25( Edit History Discussion )
Speech By: Lamar Alexander

Lamar Alexander

0:24:03 to 0:24:24( Edit History Discussion )

Lamar Alexander: senator from tennessee has the floor. mr. alexander: thank you, mr. president. mr. president, could you let me expired, please? the presiding officer: the chair will do so.

Lamar Alexander

0:24:25 to 0:24:46( Edit History Discussion )

Lamar Alexander: mr. alexander: thank you very much. mr. president, i have a little history with the student loan program. i se the distinguished senator from utah is here. when he was the ranking republican on the senate health and education committee 20 years ago, i was the united states education secretary.

Lamar Alexander

0:24:47 to 0:25:08( Edit History Discussion )

Lamar Alexander: he helped me with my confirmation process, which i have been grateful for. he and i worked together during that time when the question of having a government loan program or a direct loan program came up and it was widely discussed we had a republican president then and a democratic congress. and we came to a compromise. and the compromise was to say, let's have both.

Lamar Alexander

0:25:09 to 0:25:30( Edit History Discussion )

Lamar Alexander: we'll give students the option and help them stay on -- and keep the organizations on their -- on their toes. so if you're a student at the the university of tennessee, the university of utah, you've got a choice. you can either say, i don't want to fool with all of these private lenders or the local bank or the nonprofit organization in my state, ed

Lamar Alexander

0:25:31 to 0:25:53( Edit History Discussion )

Lamar Alexander: south, for the state i want to go straight to the governor. so all students have that. that's 19 million students, and only one-fourth of them choose that. now, in the united states of america, where choice and competition is an important part of our culture, that usually teaches us a lesson. that would suggest to us that

Lamar Alexander

0:25:54 to 0:26:15( Edit History Discussion )

Lamar Alexander: most campuses, most students, by overwhelming majority, prefer being in the private market than lining up to the government, otherwise we'd have the government grocery store or government carrogram. we're beginning to sound like that. we'd have the government insurance company and all banks would be government banks. everything would be in the government. we used to have a system like that in the soviet union and

Lamar Alexander

0:26:16 to 0:26:37( Edit History Discussion )

Lamar Alexander: ours did a little better over time. and generally our motto has been, if you can find it inhe yellow pages, the government shouldn't be doing it. what's happening in this administration is the reverse, if you can find in the yellow pages, government should be doing it. here's the situation that developed over the last 20 years. the roughly 6,000 institutions of higher education in this country.

Lamar Alexander

0:26:38 to 0:26:58( Edit History Discussion )

Lamar Alexander: many people say, well, all higher education is like the the university of tennessee or harvard or california. but there are many kinds of colleges an the universities, for profit, nonprofit, private, public, historically black colleges, many different kinds of institutions. and the genius of our system is that we give -- we let federal

Lamar Alexander

0:26:59 to 0:27:21( Edit History Discussion )

Lamar Alexander: dollars either through pell grants or through loans follow the student to the institution of their choice. choice and competition in our system of higher education has given us -- has given us, by far far, the best education in the world of those 6,000

Lamar Alexander

0:27:22 to 0:27:43( Edit History Discussion )

Lamar Alexander: institutions, last year, 2008, 4,121, chose to use the regular student loan program. that's three out of four. one out of four used the government loan, the direct loan program, the one that everybody's going to use now. currently there are 2,000 lenders that participate in the student loan program, they're banks and and nonprofit

Lamar Alexander

0:27:44 to 0:28:04( Edit History Discussion )

Lamar Alexander: institutions like ed south in tennessee. last year nearly $100 billion in student loans were made. let's keep in mind as the government takes this over, we go from a system where we have government-backed loan, which cost t to government loans at rate o of $100 llion a year, which means we're going to have to run

Lamar Alexander

0:28:05 to 0:28:26( Edit History Discussion )

Lamar Alexander: up a half trillion dollars more in debt at a time when our debt is that's this weekend washington takeover that -- that just occurred. there's not definitive evidence to suggest that the feder government can make these loans better than lenders can make these loans. i don't think the department of

Lamar Alexander

0:28:27 to 0:28:48( Edit History Discussion )

Lamar Alexander: education has the manpower to do it. ihink by july 1 there will be consster nation from all over the country from families who applied for student loans and are applying through their federal call center or through their -- or through the internet. ed south, a nonprofit provider in tennessee, for example, has

Lamar Alexander

0:28:49 to 0:29:11( Edit History Discussion )

Lamar Alexander: provide regional outreach counselors who provide career training. they made 443 presentations at tennessee schools to help students understand. remember, we have 200,000 of these students in tennessee to help them understand their options. they worked with 12,000 students to help them understand what they could do. they worked with 1,000 school counselors.

Lamar Alexander

0:29:12 to 0:29:34( Edit History Discussion )

Lamar Alexander: well, the u.s. department of education soon be providing all of these services. so senator gregg, earlier, had written the congresonal budget office asking how much money this federal takeover would save. they came back with an explanation that it's no not $67 billion or $61 billion which is the current number

Lamar Alexander

0:29:35 to 0:29:55( Edit History Discussion )

Lamar Alexander: being used today, but more lik like $47 billion. my own suspicion, and i can't prove it, but my own suspicion, having been a the university president, having been secretary of education and having watched this program for 20 years is that they're in the real world the federal government is not going to make these 19 million loans more convenient for students.

Lamar Alexander

0:29:56 to 0:30:16( Edit History Discussion )

Lamar Alexander: it's not going to be able to do it any cheaper. it just going to deny people choice, run up the debt, throw 31,000 people out of jobs, and the icing on the cake, and it is a sour tasting icing is that the 19 million students who have student loans after july 1, are

Lamar Alexander

0:30:17 to 0:30:37( Edit History Discussion )

Lamar Alexander: going to be overcharged by the federal government, who will be borrowing money at 2.8%, loang it at 6.8% and using the money to help pay for the health care bill and other programs. our friends on the other side, they'll be saying they like to blame everything on the bankers or lenders. the lenders are charging too much money.

Lamar Alexander

0:30:38 to 0:30:59( Edit History Discussion )

Lamar Alexander: if they're charging too much money, reduce what they get. reduce what they get. you're saying there is a $61 billion savings, much of which comes from the fact that the federal government can borrow money more cheaply than private lenders can. but then you're saying we're going to take the savingsnd we're going to spend it. we're going to overcharge these students.

Lamar Alexander

0:31:00 to 0:31:21( Edit History Discussion )

Lamar Alexander: i can't believe the brazenness of this. and neither will i believe 19 million student understand it. so, mr. president, i'm glad to come here today and talk about my amendme, which i'll be glad to introduce at the appropriate time. no senate bill has been introduced. our committee has held no hearings. we've not had a markup of this bill.

Lamar Alexander

0:31:22 to 0:31:42( Edit History Discussion )

Lamar Alexander: this is just a wonderous washington takeover over the weekend. we stick into the health care bill another washington takeover, this time of 19 million student loans. and on top of it, congtulations mr. and mrs.s work student. you're going to get to be overcharged on your loan to help pay for the health care bill and

Lamar Alexander

0:31:43 to 0:32:03( Edit History Discussion )

Lamar Alexander: other government programs. i hope my friends in the senate on both sides of the aisle will see the injustice in this and say okay, you're right, senator alexander. if we're going to take it over and create $61 billion in savings, at least let's give the students the savings. let's not give it to the government let's not overcharge

Lamar Alexander

0:32:04 to 0:32:24( Edit History Discussion )

Lamar Alexander: the students on an average $25,000 loan, $1,700 or $1,800 over ten years. if we do, we need a truth in lending stamp that goes on every student loan starting in july saying warning your government is overcharging you in order to help pay for other government programs.

Lamar Alexander

0:32:25 to 0:32:46( Edit History Discussion )

Lamar Alexander: we'll let the single mom who has go a job, who is going to school to help improve her circumstance, see what she thinks about the idea of her being overcharged to help pay for other government programs. so my amendment, when it's voted on, will do a very simple thing. it will say to the 19 million students in the country, we're going to reduce your tr-t on your student -- interest rate on

Lamar Alexander

0:32:47 to 0:33:07( Edit History Discussion )

Lamar Alexander: your student loan from a typical 6.8% to 5.3%. that's going to save you $1,700 or $1,800 on an average loan. and it says, mr. president, we're not going to overcharge 19 million students to help pay for the health care bill. mr. president, before i yield the floor, i'd like to -- i see

Lamar Alexander

0:33:08 to 0:33:26( Edit History Discussion )

Lamar Alexander: my friend from new hampshire is engaged in conversation. i wonder if i could address the senator from new hampshire through the chair. before i yield the floor, i

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