Cole Votes "No" on Government Takeover of Student Loan Industry

WASHINGTON - U.S. Congressman Tom Cole (OK-04) made the following statement today after voting against H.R. 3221, The Student Aid and Financial Responsibility Act.

"This is just another fundamentally-flawed government takeover," Congressman Cole said. "Abolishing the Federal Family Education Loan student loan program in order to institute a government-run lending program that pulls dollars from the already overdrawn U.S. Treasury is a mistake. We should be helping make higher education more affordable and accessible to students, not further jeopardizing the fiscal stability of our country. Overthrowing an existing loan program that has made more than 200 million loans available to families and students is not the answer."

"This government takeover of our student loan system is all too similar to ongoing attempts to inject more government into our health care system. The so-called 'public option' will destroy the private health care market. This legislation does the same things with respect to the student loan industry. It will cost taxpayers billions, eliminate private jobs and make students and colleges more dependent on the federal government."

###