Kennedy, Colleagues Fight to Make College More Affordable

Press Release

KENNEDY, COLLEAGUES FIGHT TO MAKE COLLEGE MORE AFFORDABLE

This week, we'll pass the largest increase in college student aid since the GI Bill.

And it couldn't come soon enough.

Today, the average student leaves college with more than $19,000 in student loan debt.

We are a better nation than that -- a nation that believes in promise and opportunity for all of our citizens.

Our legislation begins to match our resources with our vision. It takes the fat from the banks and lenders and gives it back to students.

Twenty years ago, the maximum Pell Grant covered 55 percent of costs at a public four-year college. Today, it covers only a third. As a result, students are sinking deeper and deeper into student loan debt.

That's not acceptable. And we're going to change that.

This bill will help students access college, afford college, and manage their debt. It includes support for students and families from the beginning of the college process to the end.

The bill raises the maximum Pell grant $500 next year, and it will reach $5,400 by 2012 - that's a $1,000 increase after years of a stagnant Pell grant under the Republicans.

The bill says your student loan payments will never exceed 15 percent of your monthly income.

It says if you take a public service job, like a police officer or a public school teacher, your college loans will be forgiven after 10 years in that job.

It enables more of our neediest students to qualify automatically for the maximum Pell grant, and it helps working students by protecting more of their earnings from the financial aid process.

These investments are important to students because we know that a college degree can open new doors of opportunity to them. But it's also important because it helps us train a generation of Americans to compete and win good jobs in the global economy.

This legislation says to the nation loud and clear that when you vote for Democrats, you see results on the priorities that matter.

We have heard you loud and clear and we're listening. This week, we'll pass the bill, and we'll keep fighting until every student has the opportunity to go to college and achieve the American Dream.

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