Oakland University

Washington, Jul 11, 2007 -

Congressman Joe Knollenberg voted for bipartisan legislation today to repeal excess subsidies paid by the federal government to lenders so the funding can be used to cut the student loan rate in half and provide additional funding for Pell Grants and other important student aid programs.

The College Cost Reduction Act of 2007 will make it easier for students and working families in Oakland County to afford college and cope with the dramatic increases in college tuition we have seen in Michigan in recent years because of state government cuts in higher education funding.

"As we work to build the new Michigan economy, we have to raise the bar on education. This means we must ensure that more people can afford to go to college. Rising tuition rates are squeezing middle class families and burdening students with enormous debt loads when they graduate.

"This bipartisan bill we passed in the House today cuts the student loan rate in half and provides funding for Pell Grants. It also provides tuition assistance and loan forgiveness to college graduates who agree to teach in public schools in cities like Detroit and Pontiac. And it provides loan forgiveness for first responders, law enforcement officers, nurses, and prosecutors.

"This legislation is a critical step forward in what needs to be a comprehensive effort to improve the skills of American workers so they can compete and win in today's global economy."

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