COLLEGE COST REDUCTION ACT OF 2007 -- (House of Representatives - July 11, 2007)
BREAK IN TRANSCRIPT
Mr. BLUMENAUER. Mr. Speaker, I support H.R. 2269, the College Cost Reduction Act of 2007, the single largest investment in college financial aid since the 1944 GI bill. This legislation will help millions of middle- and low-income families and students pay for college without any new cost to taxpayers. At a time of skyrocketing tuition costs, government investment has not kept up. As college degrees become more expensive, we must help keep bright students in school and ensure a bright future for America.
The legislation boosts college financial aid by about $18 billion over the next 5 years, and pays for itself by reducing excessive federal subsidies paid to lenders in the college loan industry by $19 billion. Over the course of 5 years, almost 70,000 Oregon students would benefit from an additional $194 million in available loans and Pell Grants. The average Oregon student graduates with more than $14,000 in debt, and this legislation would cut by almost $5,000 the interest paid on their loans. By investing in our students, we ensure a well-educated, globally competitive workforce. We also benefit our communities by providing incentives for our brightest to go into public service jobs and into our neediest schools.
I am proud to be part of this new Congress that prioritizes education, making it feasible for all families to send their kids to college, and keeping America competitive.
BREAK IN TRANSCRIPT