mr. chairman , i yield myself the balance of my time . 
mr. chairman , i have a very different view of this amendment and what it will do , obviously , than the chairman of the committee on education and the workforce . 
in fact , what this will do is free up additional funds that can be used to make sure more students have the opportunity to go to college , because what is happening right now through this recycling scheme is that the lenders , the makers of the loan , are getting a 9.5 percent essentially guaranteed payment when we could in fact be using those monies instead to provide lower-cost loans to more students and to provide pell grants . 
this will give the subcommittee on education of the committee on education and the workforce the opportunity to provide more funds to do what they have been saying all afternoon that they want to do . 
the fact of the matter is this applies prospectively . 
this is not going to have a negative impact on these non-profit lenders . 
if you already have one of those loans out there , if you are already getting the sweetheart deal of 9.5 percent , you are still going to get that return . 
but what this would prohibit you from doing is that when you get that income from the students and the government , all those additional revenues , you can not go out and do it again . 
you can not keep this perpetual-motion machine going . 
according to some estimates , if we do not plug this hole , we will cost the taxpayers $ 13 billion , if we let it go on indefinitely . 
monies that could be spent , again , could make sure that more students have the opportunity to go to college . 
i know that we will be dealing with it in the committee on education and the workforce ; but in the budget that passed this house , we did not deal with this issue . 
the budget does not envision closing the recycling loophole . 
the president 2 years ago submitted a budget that did envision closing the recycling loophole , but a bunch of lenders with interest in this , a lot of lenders who are making a ton of money obviously built up the pressure and it was heard . 
as a result , the budget does not close the loophole fully . 
let us close the loophole fully . 
let me say in closing , mr. chairman , the issue of the 9.5 percent loans is costing the american taxpayer and the american students billions of dollars a year . 
the general accountability office has looked into this issue . 
they have done an investigation . 
they have determined the department of education had the authority to shut this down . 
the department of education has not used that authority . 
congress must use its authority , and it should do it now . 
i can not think of any better place to deal with this issue than in the bill that provides funding for higher education . 
because if we adopt this amendment , if the congress adopts this amendment , it will immediately free up additional resources that we can spend as a nation on providing students with more loans and providing more grants . 
so as a result of this amendment , more students will have the opportunity to go to college . 
i urge its adoption . 
mr. chairman , i yield back the balance of my time . 
