Press Releases
Democrats Pass College Aid Bill
MONTGOMERY - Democrats in Congress fulfilled their promise to lower college costs by sending President Bush the College Cost Reduction and Access Act of 2007 to bring real help to Alabama students despite attempts by Republicans to obstruct the bill. With the cost of attending college soaring and family incomes remaining stagnant, the bill would mean Alabama students will be eligible for an additional $39,963,000 in need-based grant aid next year, and an additional $433,895,000 over the next five years. [Senate Committee on Health, Education, Labor and Pensions, September, 2007]
As students take on more debt to pay for college, the bill will cap federal student loan payments at 15 percent of a borrower's discretionary income, bringing needed relief to students with excessive loan burdens. In Alabama, 62% of students graduating from four-year institutions in the 2004-2005 school year graduated with an average debt of $17,559. Additionally, the College Reduction and Access Act will forgive the debt of borrowers who serve in public service careers such as nursing, teaching or law enforcement for 10 years. [Senate Committee on Health, Education, Labor and Pensions, September, 2007]"Young people are the future of our country. Ensuring that we have access to college is critical to the economic security of Alabama and our nation," said Alabama College Democrats of America Federation President Art Richey. "With this bill, Democrats in Congress are delivering on their promise to make college more affordable and accessible for all qualified students. President Bush should sign this bill, which will invest more than $20 billion in college financial aid, and provide real student and borrower benefits that will not only help make college more affordable, but will help expand access to the American Dream for thousands Alabamians and millions of Americans."
[House Votes 613, 864. Senate Vote 326]
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