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College Affordability

The High Price of a College Education

Hearing on College Affordability

Rep Israel at college affordability hearing

On November 21, 2005, Rep. Israel held a hearing on the issue of college affordability at SUNY Farmingdale. Long Island college presidents joined him to take testimony from students, parents, financial aid officers, and other education professionals about the burden of affording a college education. Hearing Cont'd

 

E-Town Hall

Rep. Israel holding E-Town Hall on college affordability

On October, 19 2005, Rep. Israel held an E-town hall on college affordability. See the full text of the conversation.

College AffordabilityA college education is so important - but so many parents and students simply cannot afford to fund an education. And those who can, wind up in thousands of dollars of debt. While the cost of a college education continues to increase at a rapid rate, the amount of aid has remained stagnant. I have made it my top priority to help students and parents afford a college education.

The Stats

  • Since 2001, 4-year public colleges have seen a 46% increase in average tution.
  • The maximum Pell grant has only increased 8% since 2001, and has been frozen since 2005.
  • The total cost for public universities now averages $15,566
  • The total expenses for private universities now average $31,916
  • The Republican budget plan will slash student loan funding by $14.3 billion. This is the largest cut in the history of student aid.
  • With this budget package, the average student borrower will be hit with an additional $5,800 in additional interest and taxes over the life of the loan, on top of the $17,500 loan he or she already has.

What is Rep. Israel doing to make college more affordable for American families?

The College Access and Opportunity Act of 2005 (HR 609- sponsor: Republican Rep. John Boehner of Ohio) would increase the maximum Pell Grant award from $5,800 to $6,000. This is nowhere near enough. I support the Democratic plan, which would increase the maximum Pell Grant award by $500 over the next 5 years.

I will be introducing the Higher Education Deduction Expansion Act to provide above-the-line tax deductions for college expenses, regardless of income. My bill would allow for a maximum of $7,500 to be deducted from your income taxes.

Additionally, I am working on legislation to expand and enhance current federal incentives for college savings. Current income guidelines unfairly limit the number of families with access to federal savings incentives, and leave many middle class families struggling to make tuition payments. The Educational Savings Account Expansion Act, which I intend to introduce when Congress reconvenes next year, will eliminate these unfair restrictions.

Links

For more information on the Democratic plan for student aid, please visit the Committee on Education and the Workforce Site

 

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