Donald M. Payne: “I rise in support of H.R. 2669, the College Cost Reduction Act of 2007. This legislation will provide the single largest…”

“I rise in support of H.R. 2669, the College Cost Reduction Act of 2007. This legislation will provide the single largest investment in college financial aid since the 1944 GI Bill, helping millions of low- and middle-income students and families pay for college. This legislation would provide about $18 billion over the next 5 years in college financial aid at no cost to the United States taxpayers, no new costs. This new investment is critically important because college costs have grown nearly 40 percent in the last 5 years. Students are graduating from college with more debt than ever before. Many would-be students are holding off going to college or skipping it altogether because they do not believe they can afford it. By boosting scholarship and reducing loan and tuition costs, the College Cost Reduction Act of 2007 makes an historic investment in America's college students, its economic competitiveness and its future, while maintaining fiscal responsibility. I urge my colleagues to support this landmark legislation.”