Republicans Cut Over $14 Billion to Federal Student Aid

Republicans Cut Over $14 Billion to Federal Student Aid
Wednesday, October 26, 2005

Washington, D.C. - Tomorrow, Republicans on the House Education and Workforce Committee will convene to slash up to $15 billion to federal student aid, the single largest cut in history. The Education and Workforce Committee face the largest budget cuts of all committees to pay for Republican mismanagement of the federal budget and tax cuts for the wealthy.

"As college tuition soars and our economy needs a highly educated and skilled workforce, Republicans are cutting aid for higher education and balancing the budget on the backs of our students," said McCollum. "Expanding access to higher education should be over nation's priority not divesting from education to pay for tax cuts and the war in Iraq."

Changes to the Higher Education Reauthorization Act will amount up to $15 billion in cuts by charging student borrowers higher fees, raising student loan interest rate caps and raising rates on consolidation loans. A typical student is already $17,500 in debt from college loans. These changes will result in the typical student paying $5,800 more for college.

http://mccollum.house.gov/index.asp?Type=B_PR&SEC={B3AF2CEB-ED0D-4109-B33B-0B3E6C06C1AC}&DE={83AC33D7-579E-4090-9CD8-DC3254813382}