Crowley Urges Bush To Sign Huge College Tuition Aid Measure

"...The legislation passed will make a college education more affordable without costing taxpayers a single dollar more."

Congressmember Joseph Crowley urged President George W. Bush to sign into law legislation which represents the largest investment in college financial aid since the 1944 G.I. Bill of Rights, that will make college education more affordable without costing taxpayers a single dollar more.

The College Cost Reduction and Access Act passed the House of Representatives on Monday by a 292-97 vote and went to Bush for his signature. It had been previously passed by the Senate.

Crowley (D- Queens/The Bronx), noting that the Democratic majority in the House had made increasing college financial aid a top priority, declared: "A college degree can open doors and job opportunities. Unfortunately, tuition costs are on the rise, making it more difficult for many hardworking families to help their children pay for college. The legislation passed will make a college education more affordable without costing taxpayers a single dollar more."

Crowley explained that the legislation would boost college financial aid by more than $20 billion over the next five years. The bill pays for itself, he said, by reducing excessive federal subsidies paid to lenders in the college loan industry by $20.9 billion. It also includes $750 million in federal budget deficit reductions.

Under the legislation, Crowley said, the value of a Pell Grant scholarship would increase by $1,090 over the next five years, reaching $5,400 by 2012. This increase would fully restore the purchasing power of the scholarship, which in recent years had been frozen at $4,050 until Congress boosted its value to $4,310 earlier this year.

- John Toscano