William R. Richardson: “today is an exciting week for all Democrats because we are sending one of our top priorities to the President's desk…”

“today is an exciting week for all Democrats because we are sending one of our top priorities to the President's desk, and that is the College Cost Reduction and Access Act. Education departments estimate that over 200,000 academically qualified students are unable to go to college. This legislation will be the largest investment the Democratic Congress has made since 1944. Specifically, the Pell Grant scholarships will be increased by $1,090 over the next 5 years. We will be able to cut interest rates from the current 6.8 percent to 3.4 percent, and that will save student borrowers over $4,000 over the life of their loan. Members, this is great news, and it is great news to taxpayers, because we have been able to utilize eliminating excessive Federal subsidies from the lenders in the industry to bear the cost of this program . . . and not the taxpayers. This is a personal story for me. I have been working since the age of 12. I took out student loans and was able to get my education because of programs like this. Mr. Speaker, this is a great day for students and Democrats in this Congress to send the college cost reduction act to the Presidents desk.”