Higher Education Funding an Assault on the Middle Class,

Threat to Global Competitiveness, Says DeLauro

“When this historic law was first passed in 1965, President Johnson promised that, quote, ‘a high school senior anywhere in this great land of ours can apply to any college or any university in any of the 50 states and not be turned away because his family is poor.’ This legislation turns its back on that commitment.

“And so, the American people should see this legislation for what it is – not only a missed opportunity but also an assault on America’s middle-class and a grave threat to our global competitiveness. Indeed, one recent international test involving mathematical understanding found that American students finished in 27^th place among the nations participating. This as low-wage employers are creating the bulk of our new jobs – in one recent period, Wal-Mart and McDonald’s created 44 percent of all new jobs.

If Republicans were serious about strengthening our higher education system, this legislation would have adopted some of the recommendations of the National Academy of Sciences report, Rising Above the Gathering Storm – one of the central recommendations of which was to make American universities the most attractive setting in which to study and get a degree.

“In contrast to this legislation, the Democratic substitute would cut interest rates in half for the borrowers most in need – effectively lowering the cost of college by $2.4 billion for students and their families. Our substitute would offer the 3.4 percent fixed interest rate to students who take out subsidized loans this year. And it would incentivize service in the fields of nursing, for teachers in bi-lingual and low-income communities, librarians, and first responders.

“The critical role colleges and universities played in the last century’s economy will pale in comparison the role they will play in this century’s. And this legislation should recognize that – not turn back the clock on access and affordability.”