College Accessibility and Affordability Bill Passes Senate Test

Taking its cue from the House, the Senate passed its own version of a bill that would make college more accessible and affordable for millions of college students and their families. With the passage of this legislation, Senate Democrats delivered on their campaign promise to make a college education more accessible to all.

“At a time when higher education is more important than ever for career success, rapidly increasing tuition costs are pushing college out of many students’ reach. Those who can go to college often graduate with a mountain of debt that restricts their career choices and forces them to delay making important investments, such as buying a car or a home,” Iowa Sen. Tom Harkin said in a press release. “This much-needed legislation will help students across the country pursue higher education and gain a competitive edge in today’s global economy. With this bill, Senate Democrats are fulfilling their promise to make it easier for America’s young people to obtain the tools they need to pursue the American dream.”

The Senate’s version, the Higher Education Access Act (S. 1762) was introduced by Sen. Ted Kennedy, D-Mass., and passed Friday in a 78-18 vote. The legislation will boost college financial aid by about $18 million over the next five years. Under the congressional pay-as-you-go rule, the legislation will be paid for by cutting the federal interest rates on subsidized loans issued by private lenders. Budget rules also require that more than $700 million of that savings go toward reducing the federal deficit, but the rest would go to help students pay for college.“This legislation does not cost the taxpayer. It saves the taxpayer because we are taking the money from the banks and providing it for the … students themselves,” said Sen. Edward M. Kennedy, D-Mass., chairman of the Senate Education Committee.

Iowa’s college students have struggled keeping up with the rising costs of tuition, which have risen 40 percent over the last six years, forcing many students to take out private loans with higher interest rates, thus increasing their debts upon graduation. The cost of attending a a four-year public college in Iowa has increased 62, from $7,589 to $12,329. Currently, Iowa students at four-year colleges and universities graduate with an average of $22,727 in debt – the second highest rate in the country.

The legislation will boost the maximum Pell Grant from $4,310 to $5,100 next year and $5,400 by 2011. The bill caps federal student loan payments at 15 percent of a borrower’s discretionary income, bringing needed relief to students with excessive loan burdens. This legislation would also encourage public service by providing loan forgiveness for average loan debt of $22,727, which would allow a student have his or her loan payments capped at 15 percent.

Part of the Higher Education Authorization Bill includes provisions pushed by Iowa Sen. Chuck Grassley that would require teacher preparation programs receiving grants through the bill to improve the knowledge of new teachers about the unique needs of talented and gifted students.

“Gifted and talented children actually have a different way of looking at the world.  They tend to have distinct approaches to learning and interacting socially, and they frequently learn at a different pace, and to different depths, than others their age,” Grassley said in a press release. “Unfortunately, the vast majority of teacher preparation programs do not require prospective. If teachers aren’t exposed to information about the needs of gifted students in their pre-service training, they may never acquire the necessary knowledge.”