Pelosi Statement on House Passage of College Opportunity and Affordability Act

February 7, 2008

Washington, D.C. -- Speaker Nancy Pelosi issued the following statement today after the House overwhelmingly passed H.R. 4137, the College Opportunity and Affordability Act. The bill, which builds on a law passed last year that is the largest increase in student aid since the 1944 GI Bill, includes additional steps to make college more affordable and accessible.

'Making college more affordable is essential to building a strong middle class, ensuring America's competitiveness by investing in a new generation of innovators, and creating good paying jobs here at home. The New Direction Congress is building on last year's historic investments in college affordability today by helping hold down rising tuition costs, simplifying the financial aid application process, and reforming unscrupulous student lending practices.

'Last year, the New Direction Congress cut student loan interest rates in half and boosted the maximum Pell Grant to $5,400 -- the largest investment in college financial aid since the GI Bill in 1944.

'Today, the House is again investing in our nation's economy, job creation, and our children's future by making college even more accessible and affordable for the middle class and those who aspire to it.'