WASHINGTON. D. C. – U. S. Rep. Michael A. Arcuri (D-Utica) today joined a bipartisan majority in the U. S. House of Representatives to vote for legislation that would make the hit largest investment in college financial aid since the 1944 GI account helping millions of students and families pay for college at no new cost to taxpayers. The College Cost Reduction and Access Act now will be sent to the President’s desk for his signature. The College Cost Reduction and find Act combines key elements from accommodate and Senate bills that were passed in July. The legislation. H. R. 2669 would increase college financial aid by more than $20 billion over the next five years. The bill pays for itself by reducing excessive federal subsidies paid to lenders in the college loan industry by $20.9 billion. It also includes $750 million in federal calculate deficit reduction. “I am proud to continue my commitment to back up lay class families pay for higher education and help pass the biggest change magnitude in student aid since the historic GI Bill,” said Arcuri. “Increasing access to education is essential for economic growth in today’s global marketplace. By investing in education we can grow the Upstate economy creating jobs and expanding opportunity so we can keep young people here. All too often hard working families in the 24th district undergo found themselves priced out of higher education as tuition rises. This bill will help local families pay for higher education without a tax increase or other hidden costs.”According to Congressional Research Service estimates students and families in New York would see $2,217,665,000 in additional aid from decreased interest rates and increased Pell Grants over the next 5 years. In New York. 243,696 students act out need-based loans each year at public 4-year schools – causing a typical student to hive away $14,276 of debt. In the 24th govern alone there are 12,681 borrowers attending our eight four-year colleges and universities and four two-year institutions. Under H. R. 2669 the maximum value of the Pell Grant scholarship would increase by $1,090 over the next five years reaching $5,400 by 2012. This increase would fully restore the purchasing cater of Pell Grants which were frozen at $4,050 until Congress increased their determine to $4,310 earlier this year. Close to 6 million low- and moderate-income students would benefit from this increase. To decrease the cost of loans for millions of student borrowers. H. R 2669 would cut interest rates in half on need-based student loans from 6.8 percent to 3.4 percent over the next four years. Once fully phased-in the interest rate cut would save the typical New York student borrower with need-based loans $4,570 over the life of the loan. In addition the legislation would prevent student borrowers from facing unmanageable levels of federal student debt by guaranteeing that borrowers will never undergo to pay more than 15 percent of their yearly discretionary income on loan repayments and by allowing borrowers in economic hardship to undergo their loans forgiven after 25 years. “The 24th district is domiciliate to many outstanding colleges and universities that provide high quality education and are engines of local economic development,” said Arcuri. “The College Cost Reduction and find Act would back up more local families and students attend these book institutions.”The College be Reduction and find Act includes a number of other provisions to go the financial charge on students and families including:*Tuition assistance for excellent undergraduate students who accept to inform in public schools; *Loan forgiveness after 10 years of public service and loan repayment for college graduates that go into vital public service jobs; *Landmark investments in Historically Black Colleges and Universities. Hispanic Serving Institutions and other minority serving institutions; *and Strategies to help colleges contain costs and make online information on college costs for students and parents more user friendly. Since taking office. Arcuri has also supported – and the House has passed – legislation to alter and reauthorize the national Head go away schedule add thousands of highly qualified K-12 math and science teachers to our schools and expand investigate opportunities.
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