WASHINGTON, D.C. – U.S. Rep. George Miller (D-CA), chairman of the House Education and Labor Committee, today issued the following statement after the College Board released its annual “Trends in Higher Education Series” highlighting trends in both student aid and college pricing for the 2009-2010 school year.
“Since Democrats regained control of the House in 2006, the Democratic Congress has made historic investments to make college more affordable -- all at no new cost to taxpayers. This has been and continues to be a top priority because it is unacceptable for a student to be forced to mortgage their future to pay for college. In this session of Congress alone, we’ve made major strides: first, the Democratic Congress increased the maximum Pell Grant award in the Recovery Act, then we took action to finally stop wasting tens of billions of dollars in taxpayer subsidies paid to banks to make federal student loans, and instead invested those dollars directly in students and families working very hard to pay for college.
“Year after year, the College Board report shows us that the work we’re doing is making a difference for students and families, especially in this economy. With more and more students relying on the Pell Grant scholarship, it is clear from this report that we must continue our efforts. This report proves that despite Republican opposition, the accomplishments of this Democratic Congress on behalf of students and families are working.”
BACKGROUND INFROMATION:
Miller is the author of the Student Aid and Fiscal Responsibility Act, legislation that was passed as part of the historic health care reform bill. The law invested over $60 billion in college aid at no new cost to taxpayers by converting all new federal student lending to the stable, effective and cost-efficient Direct Loan program.
For the current academic year, the Pell Grant scholarship increased to $5,550, and beginning in 2013 the maximum scholarship will increase with the cost of inflation by linking the scholarship to the Consumer Price Index.
In the previous sessions of Congress, Miller authored several additional laws that made college more affordable. These laws lowered interest rates on need-based Federal student loans, made federal student loan repayment more manageable by establishing an Income-Based Repayment program that allows borrowers to cap their monthly loan payment amounts, strengthened consumer protections for borrowers of both federal and private student loans, and protected federal student loans from turmoil in the financial markets.
“Year after year, the College Board report shows us that the work we’re doing is making a difference for students and families, especially in this economy. With more and more students relying on the Pell Grant scholarship, it is clear from this report that we must continue our efforts. This report proves that despite Republican opposition, the accomplishments of this Democratic Congress on behalf of students and families are working.”
BACKGROUND INFROMATION:
Miller is the author of the Student Aid and Fiscal Responsibility Act, legislation that was passed as part of the historic health care reform bill. The law invested over $60 billion in college aid at no new cost to taxpayers by converting all new federal student lending to the stable, effective and cost-efficient Direct Loan program.
For the current academic year, the Pell Grant scholarship increased to $5,550, and beginning in 2013 the maximum scholarship will increase with the cost of inflation by linking the scholarship to the Consumer Price Index.
In the previous sessions of Congress, Miller authored several additional laws that made college more affordable. These laws lowered interest rates on need-based Federal student loans, made federal student loan repayment more manageable by establishing an Income-Based Repayment program that allows borrowers to cap their monthly loan payment amounts, strengthened consumer protections for borrowers of both federal and private student loans, and protected federal student loans from turmoil in the financial markets.
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