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FOR IMMEDIATE RELEASE |
Contact: Press Office |
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Stabenow,
Colleagues Pass Legislation to Make College More Affordable for Students,
Working Families
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| WASHINGTON
—U.S. Senator Debbie Stabenow (D-MI) today announced Senate passage
of the Higher Education Reauthorization and College Opportunity Act of
2008 conference report. This bill reauthorizes the Higher Education Act
of 1965 for the first time since 1998. Estimates show that college costs
have tripled during in the last twenty years. The legislation takes steps
to prevent rising tuition costs, improve access to financial aid, and
enhance grant aid for low-income students. “Michigan is home to a number of world- renowned universities that educate and create opportunities for thousands of graduates each year,” said Stabenow. “In today’s world, education policy is economic policy, and by making sure that more students can afford to go to college we will help keep America on the cutting edge of innovation as we compete in a global economy. Now more than ever working families and students need access to good, affordable higher education to be able to achieve the American dream.” College tuition rates have increased in public universities throughout Michigan by an estimated average of 7% in the past school year. This legislation provides more transparency on college costs, requiring the Department of Education to publish detailed data about college pricing trends. Additionally colleges with the largest cost increases over the previous three years will be required to submit a detailed report to the department as to why their costs have risen. The bill also streamlines the Free Application
for Federal Student Aid (FAFSA), which all students must complete to
be eligible for student aid, by simplifying the paper work and complexity.
This legislation creates a new two-page EZ FAFSA for low-income students
and phases out the current seven-page application, which can deter students
from applying for aid. The legislation also increases the maximum Pell
Grant from the current level of $4,310 to $6,000 in 2009 and up to $8,000
by 2014. • Enhance ethics and transparency
in the student loan sector The legislation now goes to the president for
his signature. |