Congressman Cory Gardner (CO-04) believes that the rising cost of higher education should not be a limiting factor for anyone who wishes to attend, which is why he is re-introducing a bipartisan bill that will help families and students pay for college.
"I will continue to push this legislation because it is simply good policy," Gardner said. "My bill is designed to help maximize higher education savings, so that no one is held back from achieving the American Dream."
The Making College Affordable Act will increase the tax exempt contribution that can be made to a Coverdell Education Savings Account (ESA). Under current law, contributions are capped at $2,000 annually and can only be made until the beneficiary reaches the age of 18. Under Gardner's bill, the annual contribution limit would be increased to $10,000 and contributions could be made until the beneficiary turns 26.
College costs are increasing faster than the cost of living. Over the past 10 years the cost of private college has jumped more than 60 percent, nearly three times as much as incomes over the same period. Average tuition at a private institution costs $42,000 a year. Budget conditions have forced public colleges to increase tuition even more, and some states have seen it nearly double in the last decade.
The Making College Affordable Act was originally introduced in August of last year. Due to the November election and the limited number of days Congress was in session the bill, unfortunately, never received a hearing.