WASHINGTON, DC - Today, Congressman John F. Tierney (D-MA) touted the U.S. House of Representatives’ passage of “The College Opportunity and Affordability Act” (H.R.4137). The College Opportunity and Affordability Act renews the Higher Education Act of 1965, which authorizes the federal government's involvement in postsecondary education and includes key student financial aid programs.

“Attending and graduating from college should not be an impossible dream in America. Yet, students continue to confront skyrocketing tuitions that may force them to make difficult and potentially life-altering decisions. Some students end up taking on substantial debt, while others put their hopes of pursuing higher education on hold. Others may forgo college completely because of its cost,” said Congressman Tierney. “As a senior member of the Education and Labor Committee, I have worked to make college more affordable and accessible so that students can achieve their educational and professional goals.”

The College Opportunity and Affordability Act incorporates key aspects of legislation Congressman Tierney has proposed including initiatives that would:

• Encourage colleges to rein in price increases and provide consumers with helpful information;
• Restore integrity and accountability to the student loan industry;
• Simplify the federal student aid application process;
• Make textbook costs more manageable;
• Expand college access and support for low-income and minority students;
• Increase college aid and support for veterans and military families;
• Ensure equal college opportunities for students with disabilities;
• Boost campus safety and disaster readiness plans;
• Encourage colleges to adopt sustainable and energy-efficient practices; and,
• Strengthen our workforce and our competitiveness

Also included in this bill is the state “Maintenance of Effort” (MOE) provision which Tierney crafted to help compel states to maintain their financial support of public higher education institutions without supplanting their share with federal aid or raised tuitions. The MOE provision in H.R. 4137 does not impact any financial assistance already received by any state or institution of higher education, and is a well-established concept elsewhere in law.

Identifying an emerging issue, Congressman Tierney also worked to include language in H.R. 4137 that requires the Secretary of Education to gather data and report back to Congress on the current sizes of college endowments, their growth over the past 20 years, and the extent to which endowment funds are restricted by charitable givers. This information will determine if endowments, funded by tax-deductible dollars, are being used to appropriately advance higher education goals.

“Historically a financial partnership has developed among families, higher-education institutions, states and the federal government to provide students with affordable higher education options. The College Opportunity and Affordability Act compels all of us in the partnership to maintain our support of public higher education in this challenging economic environment,” concluded Tierney.

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