Welch backs greatest commitment to college affordability since 1944 GI Bill |
Sunday, 26 August 2007 19:00 |
Over 10,000 Vermont students expected to benefit from estimated $44 million in new financial aid, no new cost to taxpayers Burlington, VT - Rep. Peter Welch was joined today by students and presidents from several of Vermont's colleges and universities on the University of Vermont campus to discuss a congressional initiative that marks the greatest commitment to college affordability since the GI Bill passed in 1944. The College Cost Reduction Act of 2007, H.R. 2669, passed the House last month and provides nearly $18 billion in financial aid over the next five years, cuts interest rates on student loans, and provides college cost containment incentives. The bill adds no new cost to taxpayers. The legislation is expected to benefit over 10,000 Vermont students, providing an estimated $44 million in financial aid and cutting interest rates for an average savings of $4,370. A similar initiative has passed the Senate, and Welch is hopeful the legislation will be signed into law this fall. "This bill will make college more affordable for Vermonters and open the doors of higher education to new generations of college-bound students," said Welch. "Providing badly needed aid to our students, containing college costs, and doing so at no new cost to taxpayers demonstrate the commitment to college affordability Vermont students and their families need." Kate Claflin, a UVM senior from Bradford who spoke at the press conference, said "It is great to see this commitment to college affordability by Congress which promises so much hope for future Vermont students and their families." The legislation pays for itself by reducing excessive federal subsidies paid to large lenders in the college loan industry by $19 billion. It also includes nearly $1 billion in federal budget deficit reduction. The legislation:
In addition to providing needed relief to Vermont college students, the legislation also enacts college cost containment measures, including:
President Franklin Roosevelt signed the GI Bill into law in 1944. The original law enabled 7.8 million veterans of the second World War to participate in education or job training programs. |