“This legislation will make it possible for more Americans to go to college, for more graduates to leave college without crippling student loan debts, and for families to better plan for their children’s future,” Speier said.
According to Speier’s office, the billl “expands access to financial aid programs, saves tax dollars by eliminating costly guarantees to private lenders, increases the amount of Pell Grants and provides real-world career training through new partnerships between universities, community colleges, businesses and job training programs.”
“President Obama challenged us in his State of the Union address to make America the leader in the number of college graduates by 2020,” Speier’s statement continued. “This bill not only does that but allows students to borrow money at a dependable rate so that they are not overburdened by debt when they graduate. On top of it all, taxpayers save billions of dollars that were previously paid to private lenders in guarantees for unpaid loans. …
“Our entire nation benefits every time someone formerly unable to attend college is given the chance. This bill expands access to higher education by lowering interest rates on subsidized, need-based federal student loans, expanding the popular Perkins loan program to every U.S. college campus and creating a shorter and simpler federal financial aid form to make applying for financial aid easier.”