Today, Rep. Trey Gowdy (R-SC) and Rep. Peter Welch (D-VT) introduced bipartisan college affordability legislation that will reduce college costs for students and their families. The Flexibility to Innovate for College Affordability Act is a two-pronged strategy that encourages the development of flexible pathways for students to more quickly, and therefore more economically, earn a college degree while eliminating unnecessary federal regulations that contribute to tuition hikes.
"Most jobs in our economy now require postsecondary education, but the rising cost is putting college out of reach for many American families or strapping students with crippling debt," Gowdy said. "I am proud to join Congressman Welch in introducing this legislation to reduce government regulations contributing to education expenses and give institutions more options to reduce costs for their students. We look forward to partnering with colleges and universities to accomplish these goals."
"A college education, the gateway to the American middle class, is slipping further and further from the reach of working families. Federal loans and grants are a lifeline for college students. But students continue to lose ground because financial aid increases are being eaten up by college tuition increases," Welch said. "This legislation creates a partnership between the federal government and our college administrators to cut unnecessary federal regulatory costs and encourage cost saving innovations."
The legislation would give students the freedom to use Federal grants and loans for accelerated degree completion, competency based learning, competency testing and dual enrollment. It would also create a Regulatory Reform Task Force charged with cutting unnecessary and burdensome federal regulations that contribute to college operating costs.