Pelosi: Congress Passes Largest Investment in College Financial Aid Since the GI Bill

'With strong bipartisan votes in the House and Senate, Congress today passed the College Cost Reduction and Access Act, the single largest investment in college financial aid since the GI Bill in 1944.

'As we promised when Democrats regained the majority in Congress, the New Direction Congress made increasing access to college a top priority and will now send this crucial legislation to the President for his signature.

'With the College Cost Reduction and Access Act, we have made an historic investment in America's college students and America's economic competitiveness, all in a fiscally responsible way.

'This legislation cuts the interest rates on student loans in half, saving nearly 7 million students who take out need-based federal loans about $4,400.  It increases the maximum Pell Grant scholarship more than $1,000, giving 5.5 million students help to afford the expanding cost of college.  The bill makes an investment in the 2.3 million students who attend Historically Black College and Universities, Hispanic-Serving Institutions, Asian American and Pacific Islander-Serving Institutions, and other minority serving schools.  It also ensures that we have highly qualified teachers in our classrooms - a key proposal of House Democrats' Innovation Agenda - by providing upfront tuition for highly qualified teachers who agree to teach in a high needs school.

'Education is the single best investment that we can make in the future of our country.  With the passage of the College Cost Reduction and Access Act, Congress is making sure that our nation's young people will be driven by their dreams, not weighed down by debt.'