College Cost Reduction Act of 2007

Floor Speech

COLLEGE COST REDUCTION ACT OF 2007

BREAK IN TRANSCRIPT

Mr. DAVIS of Illinois. Mr. Speaker, I rise in strong support of this investment in America. In spite of what we have heard from the other side about a spending plan, what we are really looking at is an investment in education, for those individuals who, without it, would never have an opportunity to experience a college education.

I have heard some things that I thought were unimaginable this afternoon. Eighty percent of the students in my district who attend the University of Illinois rely upon financial aid.

This legislation provides money for Historically Black Colleges and Universities that are falling apart, many of them, at the seams, Hispanic-serving institutions. Individuals who would never, ever get an opportunity to go to college and experience higher education will do so as a result of this legislation, this investment in America. I thank the chairman for a great bill, and I urge its passage.

First let me express my sincere appreciation to Chairman Miller, and Subcommittee Chairman Hinojosa for their efforts in introducing this landmark legislation to Congress. In my tenure as a Congressional representative for the citizens of the 7th District of Illinois, this is one of, if not the most critical national policy initiative for which I have been able to advocate. Why? Because in my district for example, approximately 80 percent of the students attending the University of Illinois rely on financial aid programs to support their education, and this bill provides the single largest increase in college aid to students across the country since the GI Bill.

The College Cost Reduction Act increases the maximum Pell Grant scholarship by at least $500 over the next 5 years, and I am pleased that an amendment which I cosponsored added $900,000,000 to the pool; invests in Upward Bound, a proven effective program that empowers students with the resources they need to help them succeed as they pursue higher education; and invests substantial appropriations in historically Black colleges and universities, Hispanic-serving institutions, tribally controlled, Native and predominately black institutions and American and Asian American Pacific institutions.

Detractors will try to paint this as another spending boondoggle by the Democrats, but this bill benefits students and families at no new cost to taxpayers by cutting excess subsidies the Federal government pays to lenders in the student loan industry.

Some may ask why we didn't just focus on Pell Grants, but the fact remains that families who don't qualify for Pell Grants still need assistance paying for college costs, and that approximately 50 percent of students who do qualify for Pell Grants borrow money to pay for college costs. The College Cost Reduction Act of 2007 is the national policy initiative which demonstrates that America recognizes its responsibility to provide an educational environment that inspires and supports the pursuit of academic excellence.

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