Conference Report on H.R. 2669, College Cost Reduction and Access Act

CONFERENCE REPORT ON H.R. 2669, COLLEGE COST REDUCTION AND ACCESS ACT -- (House of Representatives - September 07, 2007)

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Mr. COURTNEY. Mr. Speaker, I rise today in strong support of the Conference Report to accompany H.R. 2669, the College Cost Reduction and Access Act. I thank Chairman Miller for shepherding this bill through the House so that it can be signed into law by the Prdent.

This legislation marks the single largest investment in higher education since the 1944 GI bill and at no new cost to taxpayers. The investnent is available because this new Congress cut excess subsidies that the federal government pays to the student loan industry.

As I travel around eastern Connecticut, I hear from so many students and families about their concerns with the cost of higher education and the amount of debt they are taking on to finance that education. Unfortunately, students across the country are graduating with about $18,000 of debt upon graduation. This debt can have a crippling effect on young adults as they embark on their career path after graduation.

I often refer to the Connecticut district I represent as the higher education district. For this reason, I am pleased to be a member of the Education and Labor Committee and the Higher Education, Lifelong Learning and Competitiveness subcommittee. My district is home to the University of Connecticut, Eastern Connecticut State University, Mitchell College, Connecticut College and Lyme Academy. In addition, Asnuntuck Community College, Three Rivers Community College and Quinebaug Valley Community College are located in eastern Connecticut.

Students have access to a myriad of educational opportunities in eastern Connecticut and this legislation before us today will expand the Pell Grant program that so many students rely on--the maximum value of the grant will grow by $1,000 to a maximum value of $5,400 in five years. The Pell Grant Program is so important that during committee consideration of H.R. 2669, I offered an amendment to boost funding by $900 million. I am pleased that the Conference agreement invests in the Pell Grant program even more. Further, and of paramount importance to so many families, the interest rate on loans will be cut in half from 6.8 percent to 3.4 percent after four years.

The College Cost Reduction and Access Act also provides loan forgiveness for people after 10 years of public service in areas such as law enforcement, first responders, fire fighters, nursing and early childhood education.

This new Congress continues to keep faith with a promise to chart a new direction for this country. This Congress is showing its mettle by breaking down barriers to affordable education and boosting middle-class families.

If we are to maintain our competitive advantage in the world and ensure that more Americans achieve economic prosperity, we must make higher education attainable and affordable. I urge my colleagues to support the College Cost Reduction and Access Act.

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