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You are at: Home >> Issues
>> College Affordability
College Affordability
The High Price of a College Education
Hearing on College Affordability |
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 |
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A
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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