today--in a bipartisan vote--this House will pass critical legislation designed to expand college access and to make higher education more affordable for millions of American students. This legislation, the College Opportunity and Affordability Act, builds on the College Cost Reduction Act--legislation enacted last year that, among other things, increased the maximum Pell Grant to $5,400 over five years and cut interest rates in half on subsidized student loans, saving the average student $4,400 over the life of the loan. There is a direct connection between our Nation's future prosperity and our ability to compete and succeed in a global marketplace that now relies more on brains than brawn. An educated workforce is absolutely indispensable in this information age--and this legislation represents an important step in expanding college access to more Americans. In particular, I want to thank Chairman Miller, Ranking Member McKeon and the members of the Education and Labor Committee for their hard work on this bill, which was reported out of committee on a 45 to 0 vote. This legislation reauthorizes the Higher Education Act through fiscal year 2012, and, among other things, it will encourage colleges to rein in price increases, providing incentives--such as additional need-based aid--to colleges to hold down price increases.
Editor's note · Context
Discussing the College Opportunity and Affordability Act aimed at expanding college access and affordability.
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