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On the Issues
College Affordability
(Click here for information on financial aid and applying to college.)
The increasing cost of tuition has become a concern for nearly every young person who wants to go to college. Although there are a variety of federal assistance programs in place, the grant-to-loan ratio has tilted too far toward loans, resulting in unwieldy debt for students upon graduation. It is clear that addressing the issue of college affordability should be one of the top priorities of Congress.
In 2007, Congress moved forward on a major long-term college affordability initiative. The College Cost Reduction and Access Act (H.R. 2669), which was enacted into law in September 2007, will provide a $20 billion boost in student aid over the next five years. Passage of this legislation represents the single largest investment in higher education since the GI bill.
Among other things, the bill cuts interest rates in half on subsidized student loans; shortens the federal financial aid application; requires schools and lenders to provide more information to students about loan rates and terms; and makes a historic investment in minority-serving institutions. In keeping with the pay-as-you-go rules that Democrats imposed at the beginning of the Congress, we fully offset the cost of the bill by reducing excessive federal subsidies paid to lenders in the college loan industry. I am proud to have supported this legislation.
On August 14, 2008, a bill to reauthorize the Higher Education Act (H.R. 4137) was signed into law. The bill would encourage colleges to rein in price increases and provide consumers with helpful information; restore integrity and accountability to federal student loan programs; simplify the federal student aid application process; make textbook costs more manageable; expand college access and support for low-income and minority students; and ensure equal college opportunities for students with disabilities. More information about H.R. 4137 is available on the House Education and Labor web site.
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U.S. House of Representatives
2162 Rayburn Building
Washington, DC 20515
Phone: 202.225.1784
Fax: 202.225.2014 |
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Fax: 919.967.8324 |
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