College Cost Reduction Act of 2007

COLLEGE COST REDUCTION ACT OF 2007 -- (House of Representatives - July 11, 2007)

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Mr. HARE. Mr. Speaker, I rise in strong support of H.R. 2669, the College Cost Reduction Act of 2007. By passing this bill today, we make the largest single investment in higher education since the 1944 GI bill.

College costs have grown nearly 40 percent in just the last 5 years, and too many students have found themselves drowning in debt or, worse, unable to afford an education at all. I believe education is an investment, not an expenditure. This bill will increase our Nation's competitiveness and allow Americans from all economic backgrounds to achieve the dream of a college career.

This act would make need-based student loans more easily accessible and provide for additional mandatory funding for the Pell Grant scholarship, benefiting nearly 230,000 students in my home State of Illinois.

The bill also cuts the interest rate on subsidized student loans in half over the next 5 years and includes tuition assistance for students who teach in the Nation's public schools and loan forgiveness for college graduates who go into public service professions. I urge my colleagues to join us in supporting H.R. 2669.

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