Press Releases
Brendan Daly/Nadeam Elshami
202-226-7616
09/07/2007
Pelosi: Congress Passes Largest Investment in College Financial Aid Since the GI Bill
Washington, D.C. – Speaker Nancy Pelosi released the
following statement today on the College Cost Reduction and Access Act
conference report, which passed overwhelmingly in the House and Senate today:
“With strong bipartisan votes in the House and Senate,
Congress today passed the College Cost Reduction and Access Act, the single
largest investment in college financial aid since the GI Bill in 1944.
“As we promised when Democrats regained the majority in
Congress, the New Direction Congress made increasing access to college a top
priority and will now send this crucial legislation to the President for his
signature.
“With the College Cost Reduction and Access Act, we have
made an historic investment in
“This legislation cuts the interest rates on student loans
in half, saving nearly 7 million students who take out need-based federal loans
about $4,400. It increases the maximum
Pell Grant scholarship more than $1,000, giving 5.5 million students help to
afford the expanding cost of college.
The bill makes an investment in the 2.3 million students who attend
Historically Black College and Universities, Hispanic-Serving Institutions,
Asian American and Pacific Islander-Serving Institutions, and other minority
serving schools. It also ensures that we
have highly qualified teachers in our classrooms - a key proposal of House
Democrats’ Innovation Agenda - by providing upfront tuition for highly qualified
teachers who agree to teach in a high needs school.
“Education is the single best investment that we can make in the future of our country. With the passage of the College Cost Reduction and Access Act, Congress is making sure that our nation’s young people will be driven by their dreams, not weighed down by debt.”