Mike Levin: “one of the pillars of the New Direction for America was a promise to make higher education more affordable and…”

“one of the pillars of the New Direction for America was a promise to make higher education more affordable and accessible so that more Americans can advance their education and enhance their economic future in an increasingly competitive global economy. Today we are taking a first step towards achieving this goal. For a country whose economic success relies on the very best colleges and universities in the world, we are at an important crossroads. Today's college students are graduating with increasing levels of student loan debt--$17,500 on average. In many cases, this debt is simply too substantial to manageably repay. For many young people, the mere thought of putting themselves in such enormous debt could lead them to delay or forgo college. Indeed, according to the Congressional Advisory Committee on Student Financial Assistance, financial barriers will prevent at least 4.4 million high school graduates from attending a four-year public college over the next decade, and prevent another 2 million high school graduates from attending any college at all. At a time when college tuition is skyrocketing--increasing by 35% at four-year public institutions over the past five years--it is clear that Congress needs to act and act now to make college more affordable. The College Student Relief Act cuts the interest rates for undergraduate students with subsidized student loans in half over the next five years at no cost to the taxpayer.”