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Congressional Budget for the United States Government for Fiscal Year 2009

Floor Speech

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Location: Washington, DC


CONGRESSIONAL BUDGET FOR THE UNITED STATES GOVERNMENT FOR FISCAL YEAR 2009 -- (Senate - March 13, 2008)

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Mr. COBURN. Madam President, the only cost in this country that has risen faster than medical care has been college education. There is no shortage of student loan money under Government-guaranteed loans. We sent $77 billion to colleges and universities last year, half of them through earmarks.

The more money we send to universities, the higher the tuitions go. That is one of the reasons it is higher than it is today. According to the Secretary, in a study issued this last week, there is no shortage of available student loans among the federally backed Student Loan Guarantee Program. There is a slight shortage in the 10-percent private.

This amendment does not address or increase at all the availability that is already there. So we are not doing anything with this amendment other than spending the very money these kids are going to have to pay back. By borrowing now, they will have to pay it back two and threefold.

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