Kennedy Holds Hearing On College Affordability

KENNEDY HOLDS HEARING ON COLLEGE AFFORDABILITY

Today, Senator Edward M. Kennedy, Chairman of the United States Senate Health, Education, Labor and Pensions Committee, convened a hearing on college affordability. As part of the reauthorization of the Higher Education Act, Senator Kennedy is working to increase need-based grants for low-income students, provide more help for borrowers struggling to repay their student loans, and reform the federal student loan programs so they work for students, not the banks.

Witnesses at today's hearing include Suze Orman, host of The Suze Orman Show, Tamara Draut, author of Strapped: Why America's 20-and30-Somethings Can't Get Ahead, Dr. Jon Oberg, former Department of Education researcher, and Dr. Sandy Baum, Senior Policy Analyst for The College Board and Professor of Economics at Skidmore College.

Senator Kennedy said, "America can't be America without an educated citizenry. It's essential to the nation's strength. Congress rose to a similar challenge after World War II. For every dollar we invested in the G.I. bill of rights, The Greatest Generation produced $7 in economic growth, and we must do the same today, because the need is so great and the stakes for the future are so profound."

The cost of college has more than tripled in the last 20 years, with the average cost of attending a 4-year public college almost $13,000. As a result, 400,000 qualified students don't attend a 4-year college each year because they can't afford it.

Loan debt is forcing borrowers to delay major life choices, such as buying a home, getting married, or starting a family. It prevents some borrowers from accepting their dream job, because it doesn't pay enough.

Senator Kennedy's proposals to both increase aid for students, as well as reforming the student loan system have broad support and remain at the top of Chairman Kennedy's education agenda.

http://kennedy.senate.gov/newsroom/press_release.cfm?id=6d1846f5-6aa4-4a9e-8f7d-7a0c5d556bec