Ric Keller: “I rise in support of H.R. 4153, a bill which provides for technical changes to the College Cost Reduction and Access Act…”

“I rise in support of H.R. 4153, a bill which provides for technical changes to the College Cost Reduction and Access Act of 2007. It has been referred to by my colleagues as the most important piece of higher education legislation since the GI Bill in 1944. That legislation dramatically increased Pell Grant funding and cut student loan interest rates in half. For example, Pell Grant funding went from $4,310 up to $5,400 over a period of years. And the student loan interest rate for undergraduates was cut from 6.8 percent to 3.4 percent. Well, what are we doing here today? As a follow-up to that important legislation, today we are making some necessary technical clarifications and corrections to ensure that the act is implemented just as Congress intended. For example, this piece of technical legislation will clarify that members of the Armed Forces reserves are eligible for student loan deferments when they return home after serving abroad.”