College Cost Reduction Act of 2007

The College Democrats of America applauded House Democrats for standing up to President Bush’s irresponsible veto threat and passing the College Cost Reduction Act of 2007 [HR 2669]. After promising last year to make college more accessible and affordable, Democrats kept that promise by passing the Reduction Act, which would increase the size of Pell grants for poor students, cut interest rates for student loans, cap monthly loan payments at 15 percent of a student’s discretionary income, and slash subsidies for the scandal-plagued student loan industry by $19 billion. [New York Times, 7/11/07]

Instead of joining Democrats in helping make college more affordable for more Americans, President Bush and Republicans in Congress continue to put their special interest friends first and stand in the way of long-overdue reform.

“Democrats today kept their promise to help make college more accessible and affordable for millions of students, but the Bush Republicans continue to stand in the way,” said CDA President Lauren Wolfe. “Making sure young Americans have every opportunity to attend college is not a partisan or political issue, it is a pressing national issue. America’s young people expect and deserve leaders who understand that expanding education is the key to a stronger America.

“Instead of joining Democrats in helping students and their families find urgently-needed financial aid, the Bush Republicans continue to put their special interest friends in the student loan industry first. Considering how important the youth vote will be in 2008, Republicans who stand in the way of college opportunity for young people should expect to pay a heavy price in 2008. Instead of threatening to veto this bill, President Bush should join Democrats in expanding educational opportunities for millions of aspiring, hard-working students.”

CDA has consistently supported efforts to help students and would-be students attend college. During the 2006 election cycle, CDA mobilized students across the country by demonstrating that President Bush and the Republican Congress refused to combat skyrocketing student loan rates. The Reduction Act would cut loan rates from 6.8 percent to 3.4 percent. At its upcoming National Convention on July 26-29 in Columbia, South Carolina, CDA will train thousands of college students from around American in how to hold their members of Congress accountable.

The Senate will soon consider its companion bill, the Higher Education Access Act (as yet unnumbered). Both bills will overhaul the student aid and debt relief system and make college more affordable for students and their parents. Also, the Senate is considering the Higher Education Amendments (S. 1642), which would reauthorize the Higher Education Act.

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