College Opportunity and Affordability Act of 2007

Floor Speech

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Mr. STARK. Mr. Chairman, I rise in strong support of making college affordable again.

Since taking over Congress, Democrats have made historic investments in higher education. We have reduced interest rates on federal student loans by 50 percent. We have increased both the amount and the reach of Pell Grants and we have acted to provide long overdue oversight of the student loan industry. Today, we will reauthorize and reform the Higher Education Act and take another step forward toward the goal of making sure that all qualified students can afford to go to college without being saddled by overwhelming debt.

A college degree is not only the best guarantee of a good paying job, it is quickly becoming a necessity in our economy. The College Opportunity and Affordability Act, H.R. 4137, will open up the gates of higher education to students from all backgrounds. By increasing the maximum Pell Grant amount from $5,800 to $9,000, this bill will allow many lower income students to realistically pursue a degree. By making Pell Grants available year round and for part-time students, this legislation would help non-traditional students such as those working full-time. Finally, by simplifying the financial aid application process, this bill will make it easier for students to receive the aid they need and deserve.

For too long, the student loan industry, much like the mortgage industry, has operated without proper oversight. As a consequence, lenders entered into quid pro quo agreements with universities and coerced students into high-interest loans. The bill before us today protects borrowers by requiring full disclosure of all terms, prohibiting revenue sharing between colleges and lenders and doing away with draconian pre-payment penalties.

We must encourage and reward careers in public service. I strongly support the loan forgiveness program in today's measure. It will provide up to $10,000 in loan forgiveness for graduates teaching in low-income areas or entering crucial fields such as early childhood education and mental health.

Four decades ago, President Johnson signed the Higher Education Act and committed to helping low income students afford a college education. Today, Congress has the opportunity to renew that commitment by providing the support and oversight so that all students can fulfill their dream of attending college. I urge all of my colleagues to join me in supporting this important bill.

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