House Passes Single Largest Effort to Help Students Pay for College since GI Bill
Bill Would Boost Scholarships and Reduce Student Loan Costs at No New Taxpayer Expense
WASHINGTON, D.C. – By an overwhelming vote of 273 to 149,he House of Representatives approved legislation today that would do more to help students and families pay for college than any federal effort since the 1944 GI Bill. The legislation comes at no new cost to U.S. taxpayers.
The legislation, the College Cost Reduction Act of 2007 (H.R. 2669), would boost college financial aid by about $18 billion over the next five years. The legislation pays for itself by reducing excessive federal subsidies paid to lenders in the college loan industry by $19 billion. It also includes nearly $1 billion in federal budget deficit reduction. The Senate is expected to vote on similar legislation this month.
“This bill is a remarkable step forward in our efforts to help every qualified student go to college,” said Rep. George Miller (D-CA), chairman of the Education and Labor Committee and author of the legislation. “With this bill, we are saying that no one should be denied the opportunity to go to college simply because of the price.”