Education and Labor Markup on College Affordability
The Education and Labor Committee is currently holding a markup of the "College Cost Reduction Act of 2007." The bill would be the single largest investment in college financial aid since the GI Bill, helping millions of students and families pay for college -- and doing so at no new cost to U.S. taxpayers. The legislation would boost college financial aid by nearly $20 billion over the next five years, paying for itself by reducing excessive federal subsidies paid to lenders in the college loan industry. It also includes $750 million in federal budget deficit reduction.
Chairman George Miller gives opening remarks:
"For years, college costs have risen rapidly, far out-stripping families' ability to pay them. Students are graduating with more debt than ever before, and along with their families are working harder and harder to pay back their college loans. In many cases the high price of attending college is keeping many qualified students from attending at all. This growing cost crisis harms not just students and families but also our nation's economic future. This committee is committed to growing and strengthening America's middle class, and making college more affordable and accessible for all qualified students is a key part of that overall goal."