Press Releases
House, Senate Pass Largest Increase in College Aid in 63 Years at No Cost to Taxpayers
Washington, DC,
September 7, 2007
U.S. Representative Rick Larsen (WA-02) today voted with a bipartisan majority in the House to approve legislation that would help tens of thousands of Washington state students pay for college at no new cost to U.S. taxpayers. The College Cost Reduction and Access Act (H.R. 2669) would make the single largest investment in college financial aid since the 1944 GI Bill, boosting funding available to students by $20 billion over the next five years and cutting interest rates on subsidized student loans in half over the next four years. The legislation – which passed the House today by a vote 292 to 97 -- pays for itself by reducing federal subsidies paid to lenders in the college loan industry. The Senate passed the bill earlier today. The College Cost Reduction and Access Act includes a number of other provisions that would ease the financial burden on students and families, including tuition assistance for excellent undergraduate students who agree to teach in the nation's public schools and loan forgiveness for college graduates who go into public service professions. |