House Democrats Seek Online Testimony From Students and Parents on Making College More Affordable
  
Washington, D.C. – Responding to spiraling higher education costs, Congresswoman Betty McCollum (MN-04) joined her House Democratic colleagues in introducing legislation called the Reverse the Raid on Student Aid Act that would cut interest rates in half on college loans for student borrowers with the most financial need.  In addition, McCollum also joined House Democrats today in launching a national online forum to give college students and parents the opportunity to communicate directly with Congress on the effects of rising costs of college tuition and mounting student loan debt.
 
“The high cost of tuition should never prevent a qualified student from getting a college education,” said McCollum. “Democrats are working to reverse the Republican raid on student aid, make college more affordable and boost America’s economic competitiveness by investing in America’s students.”
 
While Minnesota students graduate from college with an average of $16,400 in debt, Republicans in Congress have cut $12 billion from federal student aid programs in the largest raid on student aid ever.  Just last month, House Republicans rejected a Democratic proposal to make college more affordable by cutting interest rates on student loans intended for students who are in the most need.  McCollum said that this new bill reflects the kind of serious investment that America must make to ensure college access for all students and remain the world's economic leader.
 
The Reverse the Raid on Student Aid Act cuts interest rates in half, from 6.8 percent to 3.4 percent, for students with subsidized loans - which go to students with the most financial need - and from 8.5 percent to 4.25 percent for parents, starting in July 2006.
 
Under this new legislation, the typical undergraduate student borrower would save $5,600 over the life of the loan. According to the College Board, from 2001 through 2006, the price of tuition and fees at four-year public institutions has increased by 40 percent.  

For more information on the Reverse the Republican Raid on Student Aid Act visit http://edworkforce.house.gov/democrats/pdf/reverseraid.pdf

HOW TO PARTICIPATE IN THE E-FORUM

Current college students and parents may send written or video testimonies sharing their experiences in financing a college education and their thoughts about what Congress can do to improve college access and affordability for all Americans to CollegeForAll@mail.house.gov. Written testimony should be 500 words or less. Witnesses must include their name, college or university, home address, phone number, and email address (for verification purposes only); but only their name, hometown, and university will be posted along with their testimony. Video testimonies must be in Windows Media format, and no longer than 3 minutes. Please also include a transcript of the video.  Submissions without complete contact information will not be posted.
 
The e-hearing website is: http://edworkforce.house.gov/democrats/makecollegeaffordable.shtml.