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Chris Van Hollen
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Van Hollen Statement on the College Cost Reduction and Access Act (H.R. 2669)

Washington, Sep 7 -

Madam Speaker, I am proud to stand today to support the College Cost Reduction and Access Act.  I thank Chairman Miller and the Conferees for their quick work on this Conference Report, and all the work they have done on this important legislation.

Madam Speaker, for years, American students and families have demanded relief from rising tuition and ballooning debt.  The average student exits college with almost $20,000 in student loan debt, which, because of accumulating interest, can take years to pay.  This debt is burdening our communities.  When a student has tens or even hundreds of thousands of dollars of debt, it limits choices.  Those students might not be able to take lower salary jobs in the fields where we desperately need them – as teachers or first responders.  When two-thirds of our college graduates are in debt, it limits our economy.  Those graduates have less money for a down payment on a house, less money to invest, and less disposable income.

Even worse, some students are deterred from going to college altogether when costs are too high.  We lose some of the best and the brightest – those who are qualified to learn, who want to learn, who have worked hard and gotten the grades, but who run into financial barriers when it comes time to head off to college. 

Today, we are bringing some relief.  We are going to open the doors to college and help our young people reach their full potential.  We’re going to increase Pell grants to make college more affordable.  We’re going to cut the interest rates on loans in half so they’re easier to pay off.  We’re going to institute income-based loan repayment, so graduates don’t have to choose between paying their rent and paying off their loans.  And we’re going to expand loan forgiveness for those who enter public service, so we have more teachers, first responders and nurses.

We made a promise to the American people before the last election.  We’ve been working to fulfill that promise from the first 100 hours of the new Congress.  And today, as our young people head back to school, the House and Senate are going to see that promise through with the largest increase in student loans since the G.I. bill.