Congresswoman Nancy Boyda (D-KS) on Student Loan Rates
Posted by Kevin Bondelli on July 26, 2007
When I graduated from college in 1977, the average cost for a year’s tuition, room, and board at a public, four-year school was $1,936. That was a major expense: almost 15% of the average American household’s income, enough to make many families think twice before sending their children to college.
Since then, the price tag has grown much, much higher. It is now a dizzying $13,000, almost 28% of the average household’s annual earnings. Instead of graduating with hope for their future, today’s college students graduate with loan payments as far as the eye can see.
Earlier this month, Congress acted to rein in the runaway cost of higher education. With my enthusiastic support, the House of Representatives passed the College Cost Reduction Act, which will help millions of American students afford a college degree.
The bill expands eligibility for Pell Grants, dramatically reduces the interest rates on federal student loans, and helps public servants such as firefighters and first responders pay off their college loans. Best of all, it won’t cost American taxpayers a single new penny. By eliminating excessive subsidies to the student loan industry, the legislation pays for itself.
Here in Kansas, we have always believed that everyone who works hard should have the chance to succeed. We believe that college should open doors, not close them. Education should create opportunities, not debt.
The College Cost Reduction Act brings that vision one step closer to reality.
With warm regards,
Member of Congress