College Reduction Act

From YDA:

Keeping a key campaign promise of 2006, Democrats in the House of Representatives passed the College Cost Reduction Act of 2007 (H.R. 2669) by a vote of 273-149. The Young Democrats of America commend the Democratic Caucus for a unanimous vote in favor of this important legislation.The College Cost Reduction Act of 2007 is the largest federal effort to make higher education more affordable since the 1944 G.I. Bill. This landmark act cuts interest rates on student loans, limits the percentage of income students spend repaying loans, and expands the Pell Grant scholarships system. Costs associated with the bill are offset through cutting excess subsidies to private banks and lenders. The Young Democrats of America and other youth organizations have been lobbying Congress on the need for student loan reform.The Bush Administration has threatened to veto this legislation, despite the bills wide margin of victory. Statement from YDA President Chris Gallaway: "Democrats, again, choose the well-being of young people and families over corporate greed by unanimously voting for the College Cost Reduction Act. Unfortunately, Republicans have once again proven that their talk for a better educated American workforce is just that – talk – by choosing to side with special interests over students. Our disappointment in some of our Representatives will not be forgotten. Over 2,000 YDA members sent letters to actively educate Members of Congress on the value of college affordability. It is an issue that young voters care about, and those same young voters will not forget their disappointment at the polls next year."