Congress OKs Biggest College Aid Increase In Past 63 Years
Queens Dem lawmakers last week were singing the praises of a momentous college tuition aid bill.
BY JOHN TOSCANO

Maloney

Queens Democratic lawmakers in Washington last week were singing the praises of a momentous college tuition aid bill that increases grants for millions of needy college students and reduces by 50 percent the interest they will have to pay on college tuition loans. The bill breezed through the House.

Congressmember Joseph Crowley (D- Queens/The Bronx) hailed the measure as the single largest investment in college financial aid since the landmark 1944 GI Bill. "President Franklin Delano Roosevelt signed the GI Bill into law in 1944 and the original law enabled 7.8 million World War II veterans to participate in education or job training programs," Crowley recalled.

Assessing the new College Cost Reduction Act of 2007, Congressmember Carolyn Maloney (D- Queens/Manhattan) declared: "With this bill, Congress is making good on two promises: helping more young people achieve their dreams and paying for it without increasing the [budget] deficit.

"High costs are the #1 reason students drop out of college or fail to go at all," she explained. "Giving our students a break is good for families and it's good for our economy, too."

Crowley

Joining his colleague in praising the bill, which passed by a 273 to -149 vote, Congressmember Anthony Weiner (D- Queens/Brooklyn) stated:

"We have only one choice when it comes to providing funds for college for our young people, and that is to deliver."

Weiner said that for the thousands of kids who get Pell student grants for college each year, the legislation will go a long way towards ensuring the affordability of college for everyone.

The gains for students proposed in the bill would be counterbalanced by sharp setbacks for the student loan industry which has been under fire from New York Attorney General Andrew Cuomo and others in recent months.

The bill would reduce federal subsidies to student lenders over five years by $19 billion. Meanwhile, the bill would increase college financial aid by about $18 billion.

The increased student financial aid was long overdue. Last September, Maloney, Weiner and five House colleagues released a report showing that the average annual cost of attending SUNY and CUNY schools increased by more than 30 percent between 2001 and 2006, from $3,766 to $4,895 per year.

Weiner

Under the bill, Crowley said, the maximum value of a Pell Grant scholarship would increase by $500 over the next five years.

"Nationwide, about 6 million low- and moderate income students would benefit from the increase," Crowley added. "In New York state, it is estimated that 420,000 students would benefit from a $500 increase in the Pell Grant."

Crowley continued, "Queens families know the value of a college education. It opens doors for their children and helps them create a better, more financially stable future.

The Senate is scheduled to vote on similar legislation this month.