House Committee Passes Huge Increase in College Financial Aid

As a senior member of the House Education and Labor Committee, I was proud to vote in favor of the single largest investment in college financial aid since the 1944 GI Bill.  The College Cost Reduction Act of 2007 (HR 2669) will increase financial assistance for college students by $18 billion of the next five years without creating new burdens for U.S. taxpayers.  This fiscally responsible bill is paid for by slashing unnecessary subsidies for lenders by $19 billion.  I will continue to work closely with Education and Labor Committee Chairman George Miller to get this crucial bill signed into law. 

This bill will help cut interest rates in half for 6.8 million students who take out student loans to attend college.  Almost 5.5 million will see have their maximum Pell grant scholarship increase over the next five years, and nearly 600,000 new students will become eligible for Pell Grants. 

Making college more affordable has always been one of my top priorities.  Congress is now taking proactive steps to accomplish this goal, and I am proud to have been involved in such important legislation.  I will continue my work to make the dream of college a reality for every American.

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