| Congress Approves Largest Investment in Higher Education Since GI Bill
Friday, September 7, 2007
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Washington, D.C. – House Majority Whip James E. Clyburn released the following statement today on passage of HR 2669, the College Cost Reduction Act Conference Report. The Senate is also expected to pass HR 2669 today, and the legislation will then be sent to the President to be signed into law.
“Today, the Democratic-led U.S. House of Representatives took a monumental step forward in providing well-deserved financial assistance and targeted loan forgiveness to our nation’s college students and recent graduates by passing the College Cost Reduction Act Conference Report. This landmark piece of legislation serves as the single largest investment in higher education since the GI bill.
“The House Democratic Leadership understands that in order for America to fully reach its potential, we must make substantial and tenured commitments towards ensuring that future generations have the fiscal resources they need to obtain a quality education. This legislation makes that commitment by increasing federal loan limits and enlarging the maximum Pell Grant scholarship by at least $500 over the next five years. The College Cost Reduction Act also makes great strides in expanding federal financial aid eligibility to include and serve more students in financial need. Furthermore, it makes landmark investments in Historically Black Colleges and Universities, Hispanic Serving Institutions and other minority serving institutions.
“With rising health care costs and soaring home foreclosures, many American families are struggling to come up with the financial capital needed to fund their children’s college education. This historic bill will assist those low-income and working families looking to secure a stable future for their children.
“I join the rest of the Congressional Democratic Leadership in urging President Bush to immediately sign this bill into law. Any delay in signing this worthwhile bill into law would serve as an unnecessary and inhumane hindrance in the academic development of some of our nation’s most promising intellectuals and rising scholars.” |
