Pete Stark: “I rise in strong support of making college affordable again. Since taking over Congress, Democrats have made historic…”

“I rise in strong support of making college affordable again. Since taking over Congress, Democrats have made historic investments in higher education. We have reduced interest rates on federal student loans by 50 percent. We have increased both the amount and the reach of Pell Grants and we have acted to provide long overdue oversight of the student loan industry. Today, we will reauthorize and reform the Higher Education Act and take another step forward toward the goal of making sure that all qualified students can afford to go to college without being saddled by overwhelming debt. A college degree is not only the best guarantee of a good paying job, it is quickly becoming a necessity in our economy. The College Opportunity and Affordability Act, H.R. 4137, will open up the gates of higher education to students from all backgrounds. By increasing the maximum Pell Grant amount from $5,800 to $9,000, this bill will allow many lower income students to realistically pursue a degree. By making Pell Grants available year round and for part-time students, this legislation would help non-traditional students such as those working full-time. Finally, by simplifying the financial aid application process, this bill will make it easier for students to receive the aid they need and deserve. For too long, the student loan industry, much like the mortgage industry, has operated without proper oversight.”