Reps. Arcuri and Richardson on the College Cost Reduction Act

September 18, 2007

Rep. Laura Richardson (CA-37), sworn in just two weeks ago, joined Rep. Michael Arcuri (NY-24) to applaud the College Cost Reduction Act, which will be sent to the President today and which he has agreed to sign into law. The Act will make the largest single investment in college financial aid since the GI Bill of 1944, boosting college aid by roughly $20 billion over the next five years. Under the legislation, the maximum value of the Pell Grant scholarship will increase by $1,090 over the next five years, reaching $5,400 by 2012, up from $4,050 in 2006, thus restoring the Pell's purchasing power. Some students will see an immediate boost of almost $500 in their Pell Grant scholarship in the 2008-2009 school year alone. Roughly 5.5 million low- and moderate-income students will benefit from this increase.

Rep. Richardson:

"It's an exciting week for all Democrats because we're 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."

Rep. Arcuri:

"Under President Bush, college tuition has increased 40% over inflation putting college out of reach for many. While college costs have increased over the last seven years, Pell Grants and other federal aid have remained flat... we increase Pell Grant scholarships by more than $1,000 and we cut student interest rates in half. Mr. Speaker, Democrats promised to make college more affordable this week, and we are living up to that promise."