Scott, Hinojosa, Courtney Applaud Senate Democrats’ “In the Red” Campaign
WASHINGTON –Today, Ranking Member Robert C. “Bobby” Scott (VA-03), Rep. Rubén Hinojosa (TX-15), and Rep. Joe Courtney (CT-03) issued the following statement after Senate Democrats unveiled their “In the Red” campaign, which focuses on improving access and affordability to higher education:
“Over the past twenty years, growth in college costs has outpaced inflation by roughly two percent each year, making higher education out of reach and unaffordable for many students. We know that individuals with higher levels of education have lower unemployment rates, access to family sustaining jobs, and are less likely to become involved in the criminal justice system. Studies also tell us that some form of higher education is necessary to succeed in this 21st century economy.
“Central to the Senate Democrats’ ‘In the Red’ Campaign are three bills that focus on making college more affordable and accessible to everyone. All three bills were introduced simultaneously in the House and the Senate earlier this year, all with strong support from House Democrats. We commend our companions in the Senate for again bringing these issues to the forefront. House Democrats remain committed to strongly investing in education and helping keep America’s workforce and economy strong for future generations.”
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Read more about the bills central to the “In the Red” Campaign here:
H.R. 2962 – America’s College Promise Act:
Lead Sponsor: Rep. Bobby Scott/Sen. Tammy Baldwin
Under the America’s College Promise Act, more than 9 million students at 1,500 community colleges and nearly 300,000 students at approximately 280 four-year Historically Black Colleges and Universities (HBCUs), Hispanic Serving Institutions (HSIs), Asian American and Native American Pacific Islander Serving Institutions (AANAPISIs) and other Minority Serving Institutions (MSIs), stand to benefit each year. The bill provides a federal match of $3 for every $1 invested by the state to waive community college tuition and fees for eligible students before other financial aid is applied. America’s College Promise would help to cover a significant portion of tuition and fees — for either the first two years or last two years of college — for low-income students who choose to attend qualifying Historically Black Colleges and Universities (HBCUs), Hispanic Serving Institutions (HSIs), Asian American and Native American Pacific Islander Serving Institutions (AANAPISIs) and other Minority Serving Institutions (MSIs).
H.R. 1957 – Pell Grant Cost of Tuition Adjustment Act:
Lead Sponsor: Rep. Rubén Hinojosa/Sen. Mazie Hirono
The Pell Grant Cost of Tuition Adjustment Act would increase the maximum Pell Grant for the 2014-2015 school year from $5,730 under current law to $9,139, the same as the average cost of in-state tuition and fees at a four-year college. The bill would also index future amounts to inflation using the same formula Social Security uses for its annual cost of living adjustment.
H.R. 1434 – Bank on Students Emergency Loan Refinancing Act:
Lead Sponsor: Rep. Joe Courtney/Sen. Elizabeth Warren
The Bank on Students Emergency Loan Refinancing Act would allow undergraduate borrowers repaying private or public student loans to refinance those loans to an interest rate of 3.86%. The bill would also allow graduate and parent borrowers to refinance to competitive rates, reducing monthly payments and helping borrowers repay loans sooner. The bill would also allow borrowers with existing undergraduate student loans issued prior to July 1st, 2015 to refinance those loans to a 3.86% annual interest rate. Graduate school loans could be refinanced to 5.41%, and parent loans for a child’s education to 6.41%. According to estimates from the nonpartisan Congressional Budget Office, half of the outstanding loan volume for federal student loans—about $460 billion—would be refinanced under this bill.
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