| House Approves Largest Investment in Higher Education Since GI Bill
President Threatens to Veto Education Bill
Wednesday, July 11, 2007
 Printable Format
WASHINGTON, DC—House Majority Whip James E. Clyburn today commented passage of HR 2669 The College Reduction Act of 2007.
“Today we’ve invested in our children and the future of this country, an investment that will yield great dividends. Over the next five years the College Cost Reduction Act will increase student financial aid by $18 billion, cut student loan interest rates in half and increase the maximum Pell Grant scholarship by $900. The bill is paid for by reducing subsidies to lenders by $19 billion. It also includes nearly $1 billion in federal budget deficit reduction.
“What clouds this day is the President’s continued attacks on efforts to make higher education more affordable for all Americans. The president has threatened to veto this investment in higher education. This egregious veto threat follows his $12.7 billion cut to student loan programs last year, the largest single cut in history. In addition, he refused to increase the maximum Pell Grant award over the last four years.
“The Rubber Stamp House Republicans who stood with the President today voted against loan forgiveness for teachers, firefighters, cops and other public servants; they voted against access to affordable education for working Americans and they voted to protect the banks and lenders who make a hefty profit on the backs of students.
“Most Americans weren’t raised in the life of privilege that the President enjoyed. Education is the great equalizer, and shouldn’t be limited to the wealthiest few. It’s time for the President and the Rubber Stamp Republicans end the obstructionism, and give America’s youth access to an affordable education.”
The College Cost Reduction Act includes a number of other provisions that would ease the financial burden imposed on students and families by the cost of college, including:
- Tuition assistance for excellent undergraduate students who agree to teach in the nation’s public schools;
- Loan forgiveness for college graduates that go into public service professions;
- Increased federal loan limits so that students won’t have to rely as heavily on costlier private loans;
- New tuition cost containment strategies; and
- Landmark investments in Historically Black Colleges and Universities, Hispanic Serving Institutions and minority serving institutions.
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