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WASHINGTON, DC -- U.S. Rep. George Miller (D-CA), chairman of the House Education and Labor Committee, issued the following statement today on the budget reconciliation instructions announced by the House Budget Committee:
“The budget committee’s announcement today means that we now have an excellent opportunity to make college more affordable for American families. It is no mystery that the federal student aid programs are far less efficient than they should be. Each year, the programs waste billions of taxpayer dollars on excessive subsidies to lenders. That money should be used as intended – to help parents and students pay for college, not to pad the profits of big banks and lenders.
“In his 2008 budget, the President called for cutting billions in excess lender subsidies over the next five years. The savings from cutting excess subsidies can and should be used to boost student aid, such as reducing students’ college debt by making student loans more affordable and boosting grant aid.
“Students today are graduating from college with more debt than ever before. And many would-be college students are holding off on getting a degree – or skipping it altogether – because they can’t afford it. I am pleased that the Budget Committee has included a reconciliation instruction for the Education and Labor Committee. It is critical that Congress use this opportunity to provide some much-needed financial relief for families trying to pay for college.”
Congress has already enacted an increase in the Pell Grant scholarship. The House has also voted to cut interest rates on student loans in half.
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FOR IMMEDIATE RELEASE
Contact: Tom Kiley / Rachel Racusen
2181 Rayburn House Office Building
Washington, DC 20515
202-226-0853
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