Issue Position: Education

Issue Position

When bright-eyed college graduates enter the workforce today, many get an eye-opening dose of reality when their new paycheck must stretch to cover housing, car, health insurance and student loan payments. A bachelor's degree graduate today shoulders about $19,000 in student debt. The loan burden climbs significantly for a graduate education.

I have long championed tax incentives to make higher education accessible and affordable for all students who want to pursue an advanced degree. As a father of five, I understand why so many parents worry about the rising costs of higher education. Double-digit tuition increases can make saving for a child's higher education and one's own retirement seem overwhelming. What's more, navigating the loan application process itself can be just as intimidating.

That's why I want to make sure the college savings vehicles and tax breaks for colleges and universities written into the federal tax code are cost-effective, efficient and working as intended.

In December of 2006 I chaired a congressional oversight hearing to review the tax tools leveraged to make college more affordable for working families. It concerns me that some institutions, especially elite colleges, are jacking up tuition rates, raising massive endowments, paying million-dollar salaries, and giving special treatment to the children of generous donors.

Source