Press Release

Washington, D.C. — Today, Congressman Elijah E. Cummings (D-Md.) joined his colleagues in supporting the final passage of H.R. 2669, the College Cost Reduction and Access Act, the single largest investment in college financial aid in over 60 years, by a vote of 292-97 in the House and 79-12 in the Senate. The bill will now go to the President for his signature.

“This is a landmark investment in our children, our workforce, and our economy,” Congressman Cummings said. “Each year, more than 200,000 students miss out on college because it is unaffordable. Education is a right, not a luxury. We cannot afford to allow the high cost of college to act as a roadblock to our children’s futures any longer.”

H.R. 2669 combines key elements from the House and Senate bills passed in July, investing more than $20 billion in college financial aid over the next five years—over $370 million of which will be allocated to Maryland families—at no new cost to taxpayers by reducing excessive federal subsidies to student loan lenders while simultaneously reducing the federal budget deficit by $750 million.

Adjusting for inflation, tuition at four-year colleges has increased by nearly 40 percent in the last five years, making it increasingly difficult for families to afford college for their children. H.R. 2669 will reduce interest rates by 50 percent for nearly 70,000 Maryland students and 6.8 million students nationwide who take out need-based student loans—a savings of nearly $5,000 for the typical borrower. Additionally, the bill will increase individual Pell Grant awards by more than $1,000 over the next five years while also increasing the number of eligible students.

“This legislation helps clear the path for our nation’s neediest families to achieve the American Dream of receiving a college education,” Congressman Cummings said. “We need to ensure that every child has the opportunity to make this dream a reality.”

The bill will also increase federal loan limits, make loan payments more manageable by guaranteeing that borrowers will not have to pay more than 15 percent of their discretionary income on loan repayments, and provide up-front tuition assistance to qualified undergraduate students who commit to teaching in public schools located in high-poverty areas. It also makes a new landmark investment of $510 million over five years in Historically Black Colleges and Universities and other minority institutions.

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