Rep. Gwen Moore Joins Congress in Passing Single Largest Investment in College Aid since GI Bill

Press Release

Rep. Gwen Moore Joins Congress in Passing Single Largest Investment in College Aid since GI Bill

U.S. Congresswoman Gwen Moore today voted for the single largest investment in college financial aid since the 1944 GI Bill, helping thousands of Wisconsin students and families pay for college -at no new cost to U.S. taxpayers.

The College Cost Reduction Act, which the House passed today by a vote of 273-149, would boost college financial aid by about $18 billion over the next five years.

In Wisconsin, students would receive a total of $225 million in additional aid. The typical Wisconsin student would save about $4,280 from the interest rate cut upon its complete implementation.

Currently, about 76,000 Wisconsin students at four-year colleges take out need-based loans each year and are strapped with roughly $13,379 in college loan debt.

"Challenges in college should come by the way of academics, not the cost. This bill ensures students have the tools and resources to gain a college education without being piled with debt," U.S. Congresswoman Gwen Moore said. "No student should be told they cannot afford a college education. This bill will give students what they deserve - thousands of dollars in savings and all at no extra cost to taxpayers."

Additionally, about 6 million low- and moderate-income students nationwide would benefit from an increase in the maximum value of the Pell Grant scholarship included in this bill.

Under the legislation, the maximum value of the Pell Grant scholarship would increase by $500 over the next five years. When combined with other Pell scholarship increases passed or proposed by Congress this year, the maximum Pell Grant would reach $4,900 in 2008 and $5,200 in 2011, up from $4,050 in 2006, thus restoring the Pell's purchasing power.

"Attending college isn't a luxury and it isn't a privilege - it's a necessity. This bill will help open the doors to a higher education to all students, including low and moderate-income students and families," Moore said.

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