Tom Harkin: “the name of the bill before us today is the College Cost Reduction Act, as it has been called. But just as appropriately…”

“the name of the bill before us today is the College Cost Reduction Act, as it has been called. But just as appropriately it might be called ``Restoring the American Dream Act'' because that is exactly what is at stake with this critically important bill. We all know that higher education is the key to success in today's global economy. It is the key to Americans' success as individuals, but it is also the key to America's success as a nation. But over the last 6 years, the cost of college has skyrocketed 40 percent. Meanwhile, the buying power of Federal grant aid has fallen, and too many young students are being forced to turn to private loans with high interest rates. As a result, college has become a distant, unattainable dream for many Americans. For millions more who are fortunate to attend college, they graduate with two things: a college diploma and a mountain of debt. With the bill before us today, we intend to reverse these negative trends. We intend to put a college education and a fair shot at the American dream back within the reach of every American, including those of modest means. We might think of this bill as restoring the ladder of opportunity for millions of Americans. This is a bipartisan bill with support on both sides of the aisle.”