Democratic Congress Sends College Cost Reduction Act to the President's Desk

Floor Speech

DEMOCRATIC CONGRESS SENDS COLLEGE COST REDUCTION ACT TO THE PRESIDENT'S DESK -- (House of Representatives - September 19, 2007)

Mr. SIRES. Mr. Speaker, elections do make a difference. Last November, Democrats promised that if the American people entrusted us with the control of Congress, one of our top six priorities would be putting college in reach for more Americans.

This week, the Democratic Congress delivers on that promise, sending the College Cost Reduction and Access Act to the President's desk for his signature. The President says he will sign it, which is good news for millions of students and families who are trying to fulfill the American Dream.

The landmark legislation is the largest college aid expansion since the GI Bill in 1944. Under the legislation, the maximum Pell Grant scholarship will increase by more than $1,000 over the next 5 years. More than 5.5 million low- and moderate-income students will receive an immediate boost of almost $500 in their Pell Grant scholarships. The legislation also cuts interest rates in half on student loans, which will save the average student $4,400 over the life of the college loan.

Mr. Speaker, the Democratic Congress has delivered on another of our top priorities as we take America in a new direction.

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