Wyden, Merkley, Baldwin Introduce Major College Affordability Reform Legislation

Statement

Oregon's U.S. Senators Ron Wyden and Jeff Merkley, along with Tammy Baldwin, D-Wis., today introduced the "In The Red" Act, a major reform to address college affordability and put America on a path toward debt-free college.

The In The Red Act will allow student loan borrowers to refinance outstanding debt at lower rates, increase Pell Grants to keep pace with rising costs and make new investments in community colleges. Additionally, the legislation will support holding colleges accountable to ensure students graduate with high-value degrees and credentials. As a fiscally responsible approach to taking on the national student debt crisis, the In The Red Act is fully paid for and would make college more affordable by closing special interest tax loopholes.

"Students and their families need Congress to focus on finding solutions that will make sustained headway in tamping down the rising cost of higher education and to prevent the crushing debt left by increased tuition," Wyden said. "That's why I'm proud to join this effort to put a serious dent in college debt and why I'll continue to work to make sure fewer students find themselves In the Red."

"Higher education should be a pathway to a better future, not crushing debt. As the first in my family to go to college, I know how daunting the high cost of college can be to students of modest means," Merkley said. "We need to do much more to make sure that every capable student can afford higher education and that we're not requiring young Americans to mortgage their future for a credential that is essential for many in today's economy."

"Higher education should be a path to prosperity, not a path into suffocating debt. But unfortunately, college costs and student loan debt are holding back an entire generation and creating a drag on economic growth for our country," Baldwin said. "The idea that the next generation will be able to go further and do better than the last one is the heart of the American dream. That is why I will fight for the commonsense solutions offered in the In The Red Act."
Oregon's U.S. Senators Ron Wyden and Jeff Merkley, along with Tammy Baldwin, D-Wis., today introduced the "In The Red" Act, a major reform to address college affordability and put America on a path toward debt-free college.

The In The Red Act will allow student loan borrowers to refinance outstanding debt at lower rates, increase Pell Grants to keep pace with rising costs and make new investments in community colleges. Additionally, the legislation will support holding colleges accountable to ensure students graduate with high-value degrees and credentials. As a fiscally responsible approach to taking on the national student debt crisis, the In The Red Act is fully paid for and would make college more affordable by closing special interest tax loopholes.

"Students and their families need Congress to focus on finding solutions that will make sustained headway in tamping down the rising cost of higher education and to prevent the crushing debt left by increased tuition," Wyden said. "That's why I'm proud to join this effort to put a serious dent in college debt and why I'll continue to work to make sure fewer students find themselves In the Red."

"Higher education should be a pathway to a better future, not crushing debt. As the first in my family to go to college, I know how daunting the high cost of college can be to students of modest means," Merkley said. "We need to do much more to make sure that every capable student can afford higher education and that we're not requiring young Americans to mortgage their future for a credential that is essential for many in today's economy."

"Higher education should be a path to prosperity, not a path into suffocating debt. But unfortunately, college costs and student loan debt are holding back an entire generation and creating a drag on economic growth for our country," Baldwin said. "The idea that the next generation will be able to go further and do better than the last one is the heart of the American dream. That is why I will fight for the commonsense solutions offered in the In The Red Act."

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