The American people overwhelmingly support federal student financial aid for college to help families get ahead, get better jobs, and improve their lives. The American Council on Education's poll results show just how broad and deep that support is. The proposal in Congress to eliminate the in-school loan interest subsidies, a move that would not only increase the cost of college but could increase student indebtedness as much as 48 percent, would put college beyond the financial reach of many. The turn-around time is now days instead of weeks.
Students also appreciate the program's flexible repayment options.
But 'private lenders are screaming' to get their business back. If we don't do a good job, schools won't sign up. Education is the foundation of our economic security. President Clinton and I share that concern. Initiatives such as the Middle Class Bill of Rights and the direct loan program for college demonstrate our commitment to ensuring access to higher education for all those who seek it.