Tierney Hails Passage of Bill To Help Make College More Affordable

Tierney Hails Passage of Bill To Help Make College More Affordable

Yesterday, Congressman John F. Tierney (D-Salem) hailed the passage of the "College Student Relief Act" (H.R.5), which would make college more affordable and accessible for working families by cutting the interest rates in half on certain subsidized student loans over a period of five years.

"A college degree is the cornerstone of the American dream - opening the door to job opportunities and professional fulfillment as well as increased earning power. But, the global economy is extremely competitive, and it is important to our country's economic prosperity that every qualified student in America be able to afford a college degree," said Congressman John Tierney.

"Sadly, we know that hundreds of thousands of students simply cannot afford to attend college each year. We know that many students work multiple jobs to afford college, which often delays the completion of their studies. We know that millions of students take out loans to pay for school. And we know that far too often these loans place daunting burdens on students," Tierney continued.

"If H.R. 5 becomes law, students in Massachusetts who then take out subsidized student loans will save nearly $4,500 over the life of their loans. Clearly, this is a positive first step in providing relief to students facing mounting college loan debt."

In his remarks made on the floor of the U.S. House of Representatives, Congressman Tierney voiced his strong support for this bipartisan bill but noted that Congress can do much more to make college more affordable for students.

"Passing H.R. 5 is an important victory, but there is much more that we can and must do to make college affordable. Over the next year, I will support legislation to increase the value of Pell Grants, as well as tax deductions and credits for college tuition," said Tierney.

"I will also work to ensure that the principles of my bill (the College Affordability and Accountability Act) -- requiring states to maintain adequate funding for higher education, providing incentives for colleges to lower tuition costs and giving more information to students and families to help them make informed decisions about paying for college -- are incorporated in the upcoming reauthorization of the Higher Education Act."

"Ensuring that students have access to a quality affordable higher education and are not unfairly burdened by debt upon graduation remains among my highest priorities," concluded Tierney.

The House passed the bill by a vote of 356 to 71.

http://www.house.gov/tierney/press/studentaid01182007.shtml