Herseth Sandlin Votes for Largest Investment in Higher Education Since G.I. Bill

Press Release

HERSETH SANLDIN VOTES FOR LARGEST INVESTMENT IN HIGHER EDUCATION SINCE G.I. BILL

U.S. Rep. Stephanie Herseth Sandlin voted today in support of H.R. 2786, the College Cost Reduction and Access Act conference report. The bill, which had previously passed both the U.S. House and Senate, will now go to the President for his signature.

At a time when college costs have grown nearly 40 percent over the last five years, this legislation will bring higher education within reach for more families in South Dakota. It represents the single largest investment in college financial assistance since the 1944 G.I. Bill.

Rep. Herseth Sandlin said, "Some families in South Dakota simply can't afford to send their children on to higher education, and those who can, pile up more debt than ever before. I have always viewed an investment in higher education as an investment in our future, and a fundamental form of economic development. This bill will open the doors to our colleges and universities and make affordable college a reality for more South Dakotans."

The bill includes a number of provisions to make higher education more accessible and affordable, including a key measure for tribal colleges. Provisions of the College Cost Reduction and Access Act include:

* Cutting interest rates in half on subsidized student loans over the next four years.
* Making student loan payments more manageable for borrowers by guaranteeing that borrowers will not have to pay more than 15 percent of the discretionary income in loan repayments, and allowing borrowers in economic hardship to have their loans forgiven after 25 years.
* Increasing the maximum Pell Grant scholarship by $490 next year and at least $1,090 over the next five years, ultimately reaching a maximum scholarship of at least $5,400 by 2012.
* Expanding eligibility for Pell Grants through needs analysis to include and serve more students with financial need.
* Providing upfront tuition assistance to qualified undergraduate students who commit to teaching in public schools in high-poverty communities or high-need subject areas.
* Providing public servants loan forgiveness after 10 years of public service and loan repayment for military service members, first responders, law enforcement officers, firefighters, nurses, public defenders, prosecutors, early childhood educators, librarians and others.
* Making a landmark new investment of $510 million over five years in tribal colleges and other minority-serving institutions to ensure than students will not only enter college, but remain and graduate.
* Establishing a partnership among federal, state and local government entities and philanthropic organizations through matching challenge grants aimed at increasing the number of first generation and low-income college students.

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