… Sen. Elizabeth Warren: So that’s my question, again, Mr. Hunt. Are you telling me that all banks today in America, or even a majority, have some data to suggest how many are offering loan modifications for student borrowers that will reduce interest rate or will reduce principal for them. Do you have any data on that?
Richard Hunt: I will tell you, when it comes to refinancing the actual amount of the interest rate, it’s Discover, Wells Fargo. Wells Fargo has been doing this for ten years-
Sen. Elizabeth Warren: I’m sorry, the question was, do you have any data to suggest that the banks are offering the kinds of loan modifications that will help people who are in financial trouble get a chance to get back on their feet? After all, Mr. Hunt, the banks lobby to get nondischargeability in bankruptcy, the question I started with here is what are people supposed to do? What is this family sup- posed to do that now has three children to take care of & $100,000 in nondischargable student loan debt from a child who died?
Richard Hunt: So Senator, thank you. Two things. There is now loan forgiveness for a student who passes away. Many of our banks are now formalizing that into their contract-
Sen. Elizabeth Warren: I’m sorry, you’re telling me that this is now available from all banks, that there is loan forgiveness and this couple can take advantage of this loan forgiveness, since their daughter died? I hadn’t heard this…
Richard Hunt: I’ll let you know, there’s not all banks. There are many more banks that are giving loan forgiveness across the country-
Sen. Elizabeth Warren: What number is many more? More than what? More than zero?
Richard Hunt: Yes, ma’am. There are more than zero. In fact, I know of about four, at least four that are doing it right now…
Sen. Elizabeth Warren: Thank you, Mr. Hunt. And when it goes from four to eight, I’m sure you will announce that you’ve seen a 100% increase…
If America, like Terry Pratchett’s Ankh-Morpork, was run by a Patrician, I would absolutely vote Senator Warren Patrician for Life. As it is, I don’t want her to waste precious time addressing the Iowa Family Leadership Summit or fending off David Gregory’s attempts to get her to put on a “war bonnet”.