mr. chairman , i yield myself such time as i may consume . 
mr. chairman , this amendment is designed to stop what is an ongoing scam in the college student loan program whereby a small handful of lenders are receiving a guaranteed 9.5 government-paid return on certain student loans . 
as a result of this 9.5 percent loan scheme , the government accountability office has found that certain lenders are pocketing billions of dollars in taxpayer money that would otherwise go to students . 
the gentleman from michigan ( mr. kildee ) xz4002160 , the gentleman from california ( mr. george miller ) xz4002780 , and i have offered legislation to address this issue , but we should address this issue right here on the floor and right now . 
we have heard a lot of people coming to the floor saying that we need more funds for higher education ; we need more money for pell grants ; we need to provide more opportunities for students to make sure college is affordable . 
that is what this is about . 
if we adopt this amendment , we will close the loophole and we will free up billions of dollars that can go to the purposes we all want them to go to , which is to provide greater opportunities for students to go to college . 
the department of education has estimated that closing the loophole will save over $ 7 billion . 
other estimates take the number even higher . 
so i urge this house to adopt this amendment and provide greater opportunities for our students to go to college . 
mr. chairman , i reserve the balance of my time . 
