Sanders Offers Plan to Make College Education More Affordable
Sanders Offers Plan to Make College Education More Affordable
Burlington, VTCongressman Bernie Sanders yesterday held a press conference to discuss the soaring costs of college education, including the impact of recent cuts to student aid enacted by the Republican leadership and his plan to make college education more affordable. University of Vermont's Dean of Admissions Don Honeman and Bruce Post, director of federal affairs at VSAC joined Sanders at the press conference.
Sanders said, "As students return to classes this fall, far too many of them will be faced with skyrocketing costs. Over the last 5 years, the total cost of a college education at a 4-year public university has risen by 44 percent. Incredibly, the average family in Vermont must pay over 40 percent of their income to attend a four-year college - more than any other state in the country. And, today, some 400,000 qualified high school students who would like to attend college chose not to do so because of the high cost. This is unacceptable."
Making a bad situation even worse, the Republican leadership has put college even further out of reach for millions of lower and middle class Americans by slashing $12 billion from student loan programs in order to help finance tax breaks for millionaires and billionaires. As a result of this raid on student aid, as of July 1st, interest rates on college loans have jumped from 5.3 percent to 6.8 percent for most students, and from 6.1 percent to 8.5 percent for most parents. This interest rate hike will increase the debt of the typical student by as much as $5,800.
In addition to increasing loan burdens on students by raising interest rates, the Republican leadership has also frozen Pell Grants, which help low-income students afford college, for four years in a row despite promises from the Administration that funding would be increased.
Sanders said, "Clearly, if we are to have the best educated workforce in the world, we have got to make the cost of college education more affordable. That is why I am announcing my support for two proposals in Congress that will provide significant relief to Vermont college students, and allow millions of families to afford college throughout this country."
The first proposal is H.R. 5150, the Reverse the Raid on Student Aid Act of 2006. This bill would not only reverse the $12 billion Republican cutback in student aid, it would also slash student loan interest rates in half. If this legislation were signed into law, Vermont college graduates would save $4,120 in interest over the ten-year life of their loans. Sanders is also supporting the College Opportunity for All Act, H.R. 2960, which would double the maximum Pell Grant award to $11,600 over the next five years.
http://bernie.house.gov/documents/document.asp?issueNum=4990