i look forward to hearing sallie mae's testimony in a moment. >> senator reid?> thank thank you very much. first thing i want to do is commend you for connecting the dots. let me say for not just this huge debt overhang, but the effect it will have on buying a house for the first time being an entrepreneur and starting a business. reserving money for retirement inspect to me, is one of the most daunting challenges we have to face. we have a whole generation that can't get started until their maybe in their mid 30s and doing things that can or would assume would be 0 done in the mid 20s. that's a important point. second, your responsibility is give the nature of the organization is solely with respect to the private sector lenders now the public domain, is that clear? >> '. yeah our authority as the rulemaking authority relates largely to private student loans on the origination side. >> right. it's notice to say that a lot of the insights so you drawn could be applied to the public sector? >> yeah. senator said it's important for us to look at this holistically.

sallie mae is expecting growing in new lienors second consecutive area. as a student loan market expands and evolve again, stakeholders must assist struggling borrowers and set up the next generation of college-goers for a better financial future. borrowers encountered an array of difficulties. the complexity of terms and it's -- students are not informed enough right now. for example, two-thirds of private loan borrowerness the survey said they did not understand the major differences between private and federal loan options. this is a problem given that federal loans often have better rates, better repayment terms, gives terror relief when a borrower faces unemployment and has more standardized payment fee requirements. >> at the at the same same timef borrows town to their schools but the offices don't always have the right answers and they're not involved enough. ... dtable participants at the high school level also voiced similar problems. career and college counseling in high schools are understaffed and often undertrained on these issues. we also h

for example sallie mae is expecting growth in loans.as lenders have also began offering fixed-rate loan options. the student loan market expands and involved again stakeholders must assist struggling farmers and set up the next generation for better financial future. they have encountered an error rate of difficulties and it's the marketplace while students to have a responsibility to do their homework and sheer complexity of student loan terms and many students are making the first major financial decision that key institutions involved the aggressive steps to ensure that students are informed. unfortunately this doesn't happen enough right now. for example, about two-thirds of private loan borrowers in the survey said that they didn't understand the major differences between private and federal loan options. this is problematic given that federal loans often have better rates, better repayment terms based on income, give timber relieve relief when a borrower phases on employment and have more standardized payment requirements. current

for example sallie mae is expecting growth in new loans for the second consecutive year. private lenders have begun offering new fixed-rate loan options. as the student loan market expands and evolves again stakeholders must assist borrowers and set up a the next generation of cartilage grow or -- goers for the next future. borrowers have encountered an array of typical lease amidst the parcplace pergola students have responsibly to responsibly to do their homework the sheer complexity of student loan terms and the fact that many young students are making their first major financial decision necessitates the key institutions involved take aggressive steps to ensure that students are informed. unfortunately this is not happening enough right now. for example about two-thirds a private loan borrowers in our survey said they did not understand the major differences between private and federal loan options. this is problematic given that federal loans often have better rates, better repayment terms based on income, give temporary relief when the borrower faces unemployment, h

i look forward to hearing sallie mae's testimony in a moment. >> senator reid? >> thank thank you very much. first thing i want to do is commend you for connecting the dots. let me say for not just this huge debt overhang, but the effect it will have on buyi a house for the first time being an entrepreneur and starting a business. reserving money for retiment inspect to me, is one of the most daunting challenges we have to face. we have a whole generation that can't get started until their mae in thei mid 30s and doing things that can or would assume would be 0 done in the mid 20s. that's a important point. cond, your responsibility is give the nature of the organization is solely with respect to the private sector lenders now the public domain, is that clear? >> '. yeah our authority as the rulemaking authority relates largely to private student loans on the origination side. >> right. it's notice to say that a lot of the insights so you drawn could be applied to the public sector? >> yeah. senator said it's important for us to look at this holistically. in the

according to sallie mae's how america pays for college survey, that's because cash-strapped states are cutting fund for scholarships and schools don't have the money to make up for thor for the state cutbangs. the average scholarship is more than $7600. >>> there's a new book of lists out that may make you feel a little bit old. i'm not looking at you on purpose, jim handly. i'm just here casually gazed over this way. >> it is all that way. it is all about the class of 2016. this book documents the mindset of students who are becoming college freshmen this year. the author says students in this year's class grew up listening to mp3 player or iripod, not th rye. they've never really seen an airplane ticket. before they purchased an assigned textbook they'll see if it's available for rent or online as an e-proportionally. i want to know what they know what am

. $377 million in market cap, but shares are trading higher because it struck a deal with sally mae. they make prepaid debit cards so schools can give financial aid refunds easier. >> thank you. we have about 15 minutes left in today's trading session. a market off of the lows. down about 14 points. >> yeah, and do not go away, we have a very big show ahead on "closing bell." >>> coming up. -- journalist may try to end iran's nuclear ambitions as early as october. and chinese millionaires are flocking to the u.s. and computing profits, instant reaction and analysis of hp's earnings as soon as the company reports. one is for a clean, wedomestic energy future that puts us in control. our abundant natural gas is already saving us money, producing cleaner electricity, putting us to work here in america and supporting wind and solar. though all energy development comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natural gas... putting us in control of our energy future, now. [ male announcer ] at scottrade, we believe the mo

according to sallie mae, how america pays for college survey, it says it's because cash-strapped statesre cutting funding for scholarships and schools don't have the money to make up for the state cutbacks. the average scholarship is more than $7600. >>> speaking of, there is a new book of lists out that is making some of us feel a bit older these days. >> i'm feeling rather young this morning. it's all about the class 2016. the book documents the mindset of students who are becoming college freshmen this year. the authors say students in this year's class grew up listening to mp3 players or ipods, not the car radio. they've never really even seen an airplane ticket. >> what? >> yeah. a booklet of pages separated by carbon paper. and before they purchase an assigned textbook they'll see if it's available for rent or online as an e-book first. the list is designed to remind teachers that college freshmen born mostly in 1994 see the world in a very different way. >> uh-huh. >> yeah. what kind of books did you use, jim? huh? >> yeah, they were -- they were the hard copy books. >> okay. >>

i look forward to hearing sallie mae's testimony in a moment. >> senator reid?>> thank thank you very much. first thing i want to do is commend you for connecting the dots. let me say for not just this huge debt overhang, but the effect it will have on buying a house for the first time being an entrepreneur and starting a business. reserving money for retirement inspect to me, is one of the most daunting challenges we have to face. we have a whole generation that can't get started until their maybe in their mid 30s and doing things that can or would assume would be 0 done in the mid 20s. that's a important point. second, your responsibility is give the nature of the organization is solely with respect to the private sector lenders now the public domain, is that clear? >> '. yeah our authority as the rulemaking authority relates largely to private student loans on the origination side. >> right. it's notice to say that a lot of the insights so you drawn could be applied to the public sector? >> yeah. senator said it's important for us to look at this holistically