witnesses before a senate banking subcommittee including jack remondi chief operating officer of sallieae. this is an hour and forty minutes. [inaudible conversations] subcommittee of financial protections comes to order. thanks to senator for the good work he does with the subcommittee and senator reid and senator akaka thank you for joining us. my staff particularly appreciates the relationship in making the subcommittee hearings work. june 29th of this year the congress passed the student loan package essential legislation that not only ensured funding for our nation's infrastructure and highway system, but also including extension of the current student loan interest rate of 3.4% for staff staff ford loans. the pass of the legislation was important for 7 million undergraduate students nationwide. some we figure 382,000 of them loving in ohio. without the extension the student would have faced an additional $1,000 in student loans. i spent a lot of time in community colleges and four year and private constitutions in my state in cleveland, cincinnati, and dayton. talking about hearin

my name is jack remondi i'm the chief operating officer sallie mae and i thank you for the opportunity to testify today on the educational loan. private education loans help families fill the gap between their own resources financial aid grants and the total cost of their college or university of their choice. they are not for everyone. they were never intended to replace federal aid and in fact they were originally called supplemental loans indicating their stated purpose. in most cases higher education as a family commitment which are private education loans are designed to support. last year over 90% of our private education loans had a cosigner tip of his apparent. are loans provide important protections that benefit the family including extensive disclosure, just rate in repayment options, embedded tuition insurance and disability loan forgiveness. but the best protections inherent in any loan including private education or federal student loans his quality underwriting and planning before one borrows. or free agent vacation planner helps families know before they go. by assisting

my name is jack remondi i'm the chief operating officer sallie mae and i thank you for the opportunity to testify today on the educational loan. private education loans help families fill the gap between their own resources financial aid grants and the total cost of their college or university of their choice. they are not for everyone. they were never intended to replace federal aid and in fact they were originally called supplemental loans indicating their stated purpose. in most cases higher education as a family commitment which are private education loans are designed to support. last year over 90% of our private education loans had a cosigner tip of his apparent. are loans provide important protections that benefit the family including extensive disclosure, just rate in repayment options, embedded tuition insurance and disability loan forgiveness. but the best protections inherent in any loan including private education or federal student loans his quality underwriting and planning before one borrows. or free agent vacation planner helps families know before they go. by assisting

my name is jack remondi i'm the chief operating officer sallie mae and i thank you for the opportunity to testify today on the educational loan. private education loans help families fill the gap between their own resources financial aid grants and the total cost of their college or university of their choice. they are not for everyone. they were never intended to replace federal aid and in fact they were originally called supplemental loans indicating their stated purpose. in most cases higher education as a family commitment which are private education loans are designed to support. last year over 90% of or private education loans had a cosigner tip of his apparent. are loans provide important protections that benefit the family including extensive disclosure, just rate in repayment option embedded tuition insurance and disability loan forgiveness. but the best protections inherent in any loan including private education or federal student loans his quality underwriting and planning before on borrows. or free agent vacation planner helps families know before they go. by assisting the