Mikulski Convenes Western Maryland College Affordability Summit in Allegany County

Press Release

U.S. Senator Barbara A. Mikulski (D-Md) this week convened a Western Maryland College Affordability Summit at Allegany College of Maryland. The Summit, part of her statewide College Affordability Tour, focused on the many challenges Maryland students and families face in paying for higher education as well as the impact on jobs and communities. As the cost of higher education continues to rise at unprecedented rates and U.S. student loan debt balloons to roughly $1 trillion -- a sum larger than Americans' total collective credit card debt -- Senator Mikulski is committed to finding new ways to make college a more attainable prospect for a greater number of Maryland students.

"I'm worried about what skyrocketing student debt means for young people and the future of our country," said Senator Mikulski, a senior member of the Senate Health, Education, Labor and Pensions (HELP) Committee. "We must reduce interest rates and increase graduation rates. That's why I'm fighting to pass the Bank on Students Act, which was blocked from Senate action earlier this year by just two votes. I'm frustrated this bill was filibustered for partisan reasons because it would allow student borrowers to refinance their loans at today's low rates. And it's why I've worked to extend college tuition tax breaks for middle class families three times over the past five years. I will continue to fight so Maryland families have a fair shot at higher education with a government on their side."

Senator Mikulski was joined by Maryland students as well as Allegany College of Maryland President Cynthia S. Bambara, Frostburg State University President Jonathan Gibralter, Garrett College Dean of Continuing Education and Workforce Development Julie Yoder, Garrett County Chamber of Commerce President Nicole Christian and Allegany County Chamber of Commerce Executive Director Stuart Czapski.

"Allegany College of Maryland is delighted that Senator Mikulski has included Western Maryland on her College Affordability Tour. We are grateful that she has taken the time to hear our voice to help find solutions to the many challenges that Maryland students and their families face in paying for higher education as well as considering the economic impact within our communities," Allegany College of Maryland President Dr. Cynthia S. Bambara said. "As the cost of higher education continues to rise at unprecedented rates and U.S. student loan debt is roughly $1 trillion (a sum now larger than all American credit card debt), we welcome the opportunity to share our thoughts on finding new ways to make a college education more attainable."

"Today, it is more important than ever before for young Americans to earn their college degree. It is America's duty to enable them to earn that degree without burdening themselves with ever-increasing student debt," Frostburg State University President Dr. Jonathan Gibralter said. "I applaud Senator Mikulski's efforts to deflate this growing economic bubble and reiterate the promise of the American dream to future generations."

The ballooning student debt rate is creating a drag on the U.S. economy. As student loan debt has risen, home ownership and car ownership have declined for young households. Keeping the cost of borrowing low will help reduce the amount students owe, and help give them purchasing power that can improve our overall economy.

In her roles as Chairwoman of the Senate Appropriations Committee and a senior member of the HELP Committee, Senator Mikulski has been an advocate for access to quality higher education through programs like the federal Pell Grant program, which provides need-based grants to lower-income undergraduate students to obtain access to higher education. As Chair of the Appropriations Committee, Senator Mikulski worked to ensure that the fiscal year (FY) 2014 government spending bill supported a maximum Pell Grant award of $5,730 (an $85 increase over FY13). In the Senate's FY15 Labor-HHS Appropriations spending bill, Senator Mikulski fought to increase the maximum Pell Grant award by $100, for a total of $5,830.

In addition, Senator Mikulski has also been a vocal advocate of examining and eliminating duplicative, unnecessary or overly burdensome higher education regulations. To that end, she worked to ensure FY14 funding for a study to examine higher education regulations. Furthermore, Senator Mikulski, along with her colleagues on the HELP Committee, formed a task force to examine regulations and reporting requirements on institutions of higher education. A report by the Task Force is expected this winter.

Senator Mikulski is continuing to fight for the Bank on Students Emergency Loan Refinancing Act, legislation she cosponsored that would lower student loan payments for the more than 25 million students -- including 481,000 student borrowers in Maryland -- with outstanding loan debt by hundreds of thousands of dollars a year. The average student loan debt among those who borrow to get a bachelor's degree is nearly $30,000, and a shocking 30 percent of Federal Direct student loan dollars are in default, forbearance or deferment. Meanwhile, the Government Accountability Office (GAO) recently projected that the government will bring in $66 billion in revenue on its federal student loans made between 2007 and 2012.

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