John Spratt: “Mr. Speaker, the reconciliation bill before us does more than advance the cause of health care. It makes a landmark…”

“Mr. Speaker, the reconciliation bill before us does more than advance the cause of health care. It makes a landmark investment in education, one that will make college more affordable for millions of students, and all without adding a dime to the deficit. Under this bill, Federal student loans will now be made through the Direct Loan Program. That means the elimination of $61 billion in bank subsidies over the next 10 years. This bill then takes that $61 billion and reinvests $36 billion out of it in Pell Grants, raising the value of Pell Grants and making college a reality, a possibility, for more than 8 million students. The bill takes other steps to improve access to college and helps students graduate from college. For example, it includes more than $2 billion for historically black colleges and universities, and it invests $2 billion in community colleges which are increasingly important in our economy as well as in our educational system because our economy more and more demands skilled and educated workers. Finally, it helps students after they graduate by lowering the amount they will have to repay.”