The House has passed the College Cost Reduction Act of 2007, H.R. 2669, by a vote of 273-149. The bill will provide the single largest increase in college aid since the GI bill in 1944. The legislation invests about $18 billion dollars over the next five years in reducing college costs, helping millions of students and families. It comes at no new cost to taxpayers, and is funded by cutting excess subsidies paid by the federal government to lenders in the student loan industry.
This chart from the Education & Labor Committee shows the increase in the maximum Pell Grant award provided in the bill by the Democratic-led Congress:
Education and Labor Committee Chairman George Miller spoke out against a Republican effort to kill the bill through a motion to recommit at the end of debate:
“You could have written a motion another way, you deliberately wrote it this way so you could kill this bill. What is it you don’t like about this bill? You don’t like the fact that while you were in power after years of flat lining the Pell Grant, we we’ve finally given them the biggest increase in decades for the poorest kids in this country. You don’t like that so you want to kill the bill. You don’t like the fact that were going to take 5 million middle class kids and extend to them a loan thats interest rate is cut in half? While their families are struggling to get them through college? They’re making sacrifices every year? You’re going to do this? You’re going to kill this bill? Are you proud? Are you proud of this amendment, that you are going to try to kill this bill? Say it louder.”