College Cost Reduction and Access Act-Conference Report

Floor Speech

COLLEGE COST REDUCTION AND ACCESS ACT--CONFERENCE REPORT --

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Mrs. MURRAY. Mr. President, the bill that we are debating today comes at a critical time for our country.

As the connected world has brought about new competition from nations across the globe, the need for more Americans to be armed with a college education has become essential to the future of our economy.

And as a new generation enters a work world that demands highly skilled, highly trained workers, a college degree is necessary to open the door to a successful career.

But for too long the deck has been stacked against students seeking to build their careers and grow our economy.

College has become more expensive, interest rates have grown, and those students who are able to attend college often graduate saddled with debt and unable to buy a car or a house.

Today we have the opportunity to turn the tide in favor of students and ensure a stronger future for our country.

The College Cost Reduction and Access Act puts students first, makes college more affordable, cuts interest rates, helps recent graduates, and encourages public service.

It also helps to ensure that students today have the same opportunities that I had growing up.

When I was growing up, my family didn't have a lot. The only way I was able to attend college was through Pell grants and student loans. In fact, because of Pell grants and student loans, all seven kids in my family were able to get a college education.

Today those seven kids are a school teacher, a lawyer, a firefighter, a homemaker, a computer programmer, a sports writer, and a U.S. Senator. In my book that was a great investment.

This bill helps a new generation attend college and realize their dreams in a variety of ways.

First, this bill raises the maximum Pell grant by 25 percent over 4 years to $5,400 per student. That will make a real difference for students in my home State of Washington.

In Washington state, 20 years ago, the maximum Pell grant covered 53 percent of the costs at a public, 4-year college. Today it only covers 33 percent of those costs. By raising the maximum Pell grant, this bill will help students in Washington State and across the country attend college.

For Washington State, this bill will make another $30 million available in need-based grants next year alone. Over 5 years, the bill will provide an additional $333 million for low-income students.

This bill will also ensure that college graduates are not trapped by high loan payments after college. This bill cuts the interest rate on Federal loans in half to 3.4 percent for students with subsidized loans.

It also guarantees that borrowers will not have to pay more than 15 percent of their monthly income in student loan payments. This will bring immediate relief to students who are burdened with excessive loans.

Another problem with high student loan debt is that it limits the career choices of college graduates.

Many can't afford to take a job in public service and pay back their loans at the same time.

This bill encourages public service by providing loan forgiveness for graduates who pursue careers in these areas.

As a former teacher, I am also extremely pleased that the TEACH grant program has been included in this bill.

This program will provide $4,000 grants to students who commit to teaching in high-need subjects at high-need schools.

It is past time that we reward students who are willing to embrace the challenge of working with our country's students who are the most in-need.

I am also pleased that we were able to increase funding for the Upward Bound program which helps more low-income students prepare for and attend college. This program is so important for assisting students who may be the first ones in their family to go to college.

And I am pleased that minority-serving institutions will see funding in the form of a $500 million investment contained in this bill.

And finally I am especially proud that this bill contains two provisions I worked hard to include that help groups that face other unique problems in the college aid process.

For our brave men and women in uniform, I worked to include a provision that will allow them to defer their student loan payments during their deployments and as they transition out of service.

Currently, the law limits how long servicemembers can defer their payments to just 3 years.

As we all know, those who are serving our country have enough to worry about these days.

With deployments as long as 15 months in Iraq, and young dependent families left at home, our servicemembers are already facing real financial challenges.

Paying back student loans should not be something weighing on their minds as they serve us overseas or as they transition back into civilian life.

So this bill lifts this 3-year limit and makes more servicemembers eligible for student loan deferment and relief.

I am also pleased that this bill improves college access for homeless and foster care students.

These vulnerable students face tremendous barriers in their education--especially those who don't have a parent or guardian who is able to guide them through the process.

In this bill, I joined with my colleagues to simplify the student aid application process and made homeless and foster students eligible for higher levels of assistance.

I really want to thank Senator Kennedy for his leadership in moving this bill forward and making sure it does right by our students. He is a tireless champion for our young people, and his work is allowing so many more of them to achieve the American dream.

To me, this is simple. If we want our economy to grow, our people to succeed, and our country to be strong, we have to help more students get a college education. This bill will do just that, and I urge my colleagues to support it.

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