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Boyda Votes for Largest Federal Investment in College Aid Since GI Bill
07/12/07LEGISLATION WILL HELP MILLIONS OF AMERICANS GAIN ACCESS TO HIGHER EDUCATION AT NO NEW COST TO TAXPAYERS
WASHINGTON, D.C. – Congresswoman Nancy Boyda (Kansas Second District) yesterday voted in support of the College Cost Reduction Act of 2007, the single largest federal investment in college aid since the GI Bill in 1944. The legislation will expand eligibility for Pell Grants, dramatically reduce the interest rates on federal student aid, and help public servants such as firefighters and first responders pay off their college loans -- all at no new cost to taxpayers.
"These days, a college diploma is the ticket to higher earnings and better economic security," said Boyda. "As tuition costs continue to skyrocket, that ticket is rising out of the reach of too many Kansans. The College Cost Reduction Act will help to reverse that trend by opening the doors of American colleges to millions of low- and moderate-income students."
Among the provisions of the College Cost Reduction Act is a $500 increase in the maximum Pell Grant over the next 5 years, raising the limit to $5,200 by 2011. The bill also expands eligibility for Pell Grants by bumping the income threshold for grant recipients from $20,000 to $30,000, helping students who work part-time to remain eligible for federal aid.
The legislation cuts in half the interest rates for federal student loans, phasing in a reduction from 6.8% to 3.4% over the next five years. Other provisions include a tuition assistance program for public school teachers who commit to working in impoverished areas or in high-need subjects, a loan forgiveness policy that would completely eliminate federal loans to public servants such as firefighters and first responders after ten years of service, and a $500 million investment over five years in universities that predominantly serve minorities.
The College Cost Reduction Act fully pays for itself by eliminating excessive federal subsidies to college lenders. Boyda said, "This bill demonstrates how the federal government can intelligently invest in higher education. By carefully targeting the most effective college aid investments, the College Cost Reduction Act invests significantly in educational aid without costing taxpayers a single new penny."
In Boyda's first six months in Congress, she has steadfastly supported federal investments in higher education. She has cosponsored legislation to reduce student loan interest rates (H.R. 5), to help meet the unique needs of part-time college students (H.R. 2017), and to streamline the Federal Application for Financial Student Aid application process (H.R. 1608). Boyda is a member of the Community College Caucus, which is dedicated to strengthening and improving access to community colleges across America.
WASHINGTON, D.C. – Congresswoman Nancy Boyda (Kansas Second District) yesterday voted in support of the College Cost Reduction Act of 2007, the single largest federal investment in college aid since the GI Bill in 1944. The legislation will expand eligibility for Pell Grants, dramatically reduce the interest rates on federal student aid, and help public servants such as firefighters and first responders pay off their college loans -- all at no new cost to taxpayers.
"These days, a college diploma is the ticket to higher earnings and better economic security," said Boyda. "As tuition costs continue to skyrocket, that ticket is rising out of the reach of too many Kansans. The College Cost Reduction Act will help to reverse that trend by opening the doors of American colleges to millions of low- and moderate-income students."
Among the provisions of the College Cost Reduction Act is a $500 increase in the maximum Pell Grant over the next 5 years, raising the limit to $5,200 by 2011. The bill also expands eligibility for Pell Grants by bumping the income threshold for grant recipients from $20,000 to $30,000, helping students who work part-time to remain eligible for federal aid.
The legislation cuts in half the interest rates for federal student loans, phasing in a reduction from 6.8% to 3.4% over the next five years. Other provisions include a tuition assistance program for public school teachers who commit to working in impoverished areas or in high-need subjects, a loan forgiveness policy that would completely eliminate federal loans to public servants such as firefighters and first responders after ten years of service, and a $500 million investment over five years in universities that predominantly serve minorities.
The College Cost Reduction Act fully pays for itself by eliminating excessive federal subsidies to college lenders. Boyda said, "This bill demonstrates how the federal government can intelligently invest in higher education. By carefully targeting the most effective college aid investments, the College Cost Reduction Act invests significantly in educational aid without costing taxpayers a single new penny."
In Boyda's first six months in Congress, she has steadfastly supported federal investments in higher education. She has cosponsored legislation to reduce student loan interest rates (H.R. 5), to help meet the unique needs of part-time college students (H.R. 2017), and to streamline the Federal Application for Financial Student Aid application process (H.R. 1608). Boyda is a member of the Community College Caucus, which is dedicated to strengthening and improving access to community colleges across America.