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Student Aid Programs Must Help Students, Not Profits, Says Miller

Date: April 27, 2004
Location: Washington, DC
Issues: Higher Education


Student Aid Programs Must Help Students, Not Profits, Says Miller

Calls GOP proposal one piece in larger puzzle

Tuesday, April 27, 2004

WASHINGTON, D.C.-In response to a recent announcement by House Republicans that they plan to require banks in the student loan program to return their excess profits to the federal government, Representative George Miller (D-CA), the senior Democrat on the House education committee, issued the following statement:

"We welcome the fact that the Republicans agree that we cannot tolerate banks earning excessive profits in the education loan program at the expense of students and taxpayers. While their announcement is a good step towards addressing the excess subsidies, it is only one piece of the puzzle to returning the programs to their original intent, which is to boost college opportunities, not to enrich banks.

"The fact remains that the Republicans' proposal forces students to pay an additional $5,500 for their college loans and fails to increase the buying power of the maximum Pell Grant, which is worth $500 less today, in real terms, than it was 30 years ago. The proposal also fails to adequately address rising tuition prices, despite double digit increases."
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