[0] HEARING OF THE HOUSE EDUCATION AND LABOR COMMITTEE SUBJECT: "INCREASING STUDENT AID THROUGH LOAN REFORM" CHAIRED BY: REPRESENTATIVE GEORGE MILLER (D-CA) WITNESSES: CHRISTOPHER CHAPMAN, PRESIDENT AND CEO, ACCESS GROUP; RENE DROUIN, PRESIDENT AND CEO, NEW HAMPSHIRE HIGHER EDUCATION ASSISTANCE FOUNDATION; ANNA GRISWOLD, ASSISTANT VICE PRESIDENT, UNDERGRADUATE EDUCATION AND EXECUTIVE DIRECTOR,... (Part 14).
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Article Excerpt
HEARING OF THE HOUSE EDUCATION AND LABOR COMMITTEE SUBJECT: "INCREASING STUDENT AID THROUGH LOAN REFORM" CHAIRED BY: REPRESENTATIVE GEORGE MILLER (D-CA) WITNESSES: CHRISTOPHER CHAPMAN, PRESIDENT AND CEO, ACCESS GROUP; RENE DROUIN, PRESIDENT AND CEO, NEW HAMPSHIRE HIGHER EDUCATION ASSISTANCE FOUNDATION; ANNA GRISWOLD, ASSISTANT VICE PRESIDENT, UNDERGRADUATE EDUCATION AND EXECUTIVE DIRECTOR, STUDENT AID, PENNSYLVANIA STATE UNIVERSITY; CHARLES REED, CHANCELLOR, CALIFORNIA STATE UNIVERSITY; JOHN REMONDI, VICE CHAIRMAN AND CFO, SALLIE MAE; DEPUTY UNDERSECRETARY OF ENERGY ROBERT SHIREMAN; RICHARD VEDDER, PROFESSOR OF ECONOMICS, OHIO UNIVERSITY LOCATION: 2175 RAYBURN HOUSE OFFICE BUILDING, WASHINGTON, D.C. TIME: 10:00 A.M. EDT DATE: THURSDAY, MAY 21, 2009(Part 14)
Our borrowing, say our cost of funds is here. The amount that we have to pay in the FFEL program to -- so that loans are made in FFEL is here.
REP. GUTHRIE: Right.
MR. SHIREMAN: And there's a gap there and if we make the loans in direct loans, when interest rates are low in the economy, that's an amount that comes to us. When interest rates are high, it's an amount that we actually pay to -- REP. GUTHRIE: Right.
MR. SHIREMAN: -- the FFEL participants. So depending on interest rates over...
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