Video archive of the US Congress

Senate Proceeding on May 19th, 2011 :: 8:20:50 to 8:22:55
Total video length: 8 hours 40 minutes Stream Tools: Stream Overview | Edit Time

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Tom Harkin

8:20:32 to 8:20:56( Edit History Discussion )

Tom Harkin: you step in and you pay back her loan. they don't have the interest of the student at heart. they have the interest of money at heart. that is unfortunately something i'm glad you're investigating and we will continue to speak out on. mr. harkin: i thank you for your great help in working this area. i want to add one other thing about this whole thing about the debt of these students.

Tom Harkin

8:20:50 to 8:22:55( Edit History Discussion )
Speech By: Tom Harkin

Tom Harkin

8:20:57 to 8:21:17( Edit History Discussion )

Tom Harkin: some have likened what the for-profit industry -- school industry is doing to the subprime bubble that we had. but there's a big difference. even as bad as the subprime mortgages were, a person who had a house that they couldn't pay for, you could walk away from that house.

Tom Harkin

8:21:18 to 8:21:39( Edit History Discussion )

Tom Harkin: you could always walk away from it. that's the end of your debt. you can't walk away from this, no way. that's the difference. this is not a dischargeable debt. and these students, as you point out, they might want to get a loan further along. maybe they want to go to a legitimate school. they can't get any money for that.

Tom Harkin

8:21:40 to 8:22:01( Edit History Discussion )

Tom Harkin: they'll be barred from federal employment. and this will follow them for the rest of their lives until they pay it off. and yet these companies are making almost obscene profits and paying their c.e.o.'s tremendous salaries and

Tom Harkin

8:22:02 to 8:22:23( Edit History Discussion )

Tom Harkin: benefits, and, ace pointed out earlier, many of these -- many of these for-profit schools are owned by the same investment firms on wall street that brought us the subprime problem. well, i say to my friend, we just can't let this go. there's too much at stake here, not only for the taxpayers of

Tom Harkin

8:22:24 to 8:22:44( Edit History Discussion )

Tom Harkin: this country but for these students, these young kids, these poor kids that are being preyed upon. so whenever you hear these schools say, well, the reason we have this problem is because we're servicing all these poor kids, don't forget, that's who they prey on. that's who they go after. because they get the most pell grants and the most student loans out of the poor kitt kids

Tom Harkin

8:22:45 to 8:22:55( Edit History Discussion )

Tom Harkin: and then after they get the money, hey, if they leave, no sweat. they don't care. it's not a problem with them. i thank my friend from illinois. mr. durbin: i thank the

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