Three Miami-Dade Schools Receive Funding Under the College Cost Reduction Act

Miamai Gardens, FL – Miami Dade College North Campus and St. Thomas University were recently selected to receive funding under the College Cost Reduction Act. In total, the two schools will receive about $2 million. Florida Memorial University was selected to receive funding under the HBCU- Institutional Aid Program. The school received nearly $900,000.

In September 2007, the single largest increase in Federal aid to students since the GI Bill over 50 years ago was passed in the New Direction Democratic Congress. The College Cost Reduction and Access Act was passed to vastly increase the amount of Pell Grants available to college students, provide up-front tuition assistance and loan forgiveness to college graduates who enter public service professions, all while radically decreasing the interest rates attached to student loans.

“These federal dollars were brought home to schools in this Congressional District to help provide top quality education to students who will become the future leaders of South Florida and beyond,” said Congressman Kendrick Meek.  “I am proud that Congress passed this landmark legislation that will help make a positive difference in the lives of school administrators, educators, and young people.”

The Act is at no additional cost to tax payers; instead, it redirects subsidies for loan companies into direct aid for college students. Also, the Act encourages colleges to limit tuition price increases, restore accountability to student loan programs, and increase college aid for veterans and military families. The legislation boosts college financial aid by nearly $20 billion over the next five years, and pays for itself by reducing excessive federal subsidies paid to lenders in the college loan industry. It also includes $750 million in federal budget deficit reduction. The bill cuts interest rates in half on need-based student loans, from 6.8 percent to 3.4 percent, over the next four years. About 5.5 million students take out need-based loans each year.

Additionally, the bill increases grants to colleges that serve predominantly African-American, Hispanic and Native American students. The legislation made a new investment of $510 million over five years in minority-serving institutions and creates a new designation for Predominantly Black Institutions, providing them with the necessary resources to ensure that their students graduate from college.

U.S. Rep. Kendrick B. Meek represents the 17^th Congressional District of Florida which includes parts of Miami-Dade and Broward Counties. He serves as the lone Floridian sitting on the House Committee on Ways and Means, and also sits on the House Armed Services Committee.

-30-