Today, Congressman Henry Cuellar voted on the final passage of the Conference Report accompanying H.R. 2669, the College Cost Reduction and Access Act of 2007. The bill reduces the interest rates students pay on loans and authorizes a $20 billion investment, which will be cut from lender subsidies and used to fund aid to college students.

The conference report, which passed the House by a vote of 292-97, will now go to the President’s desk for his signature. 

“The congressional passage of the student loan bill is a significant step towards helping families and students pay for college.  We’ve seen tuition rates increase, and government funding has not caught up with the financial demands our students face. I believe this legislation will encourage more students to pursue their college education though some face financial hardship,” said Congressman Cuellar. “Many of these provisions will alleviate students’ financial situations and, therefore, put them on the track of success.”

The College Cost Reduction and Access Act of 2007 includes provisions that will drastically impact college students in the 28th District of Texas. It cuts interest rates in half on subsidized loans, from 6.8 percent to 3.4 percent, over four years. It also boosts the Pell grant award by $1,090 over five years, and it offers debt forgiveness to certain public-sector workers after ten years of service.

The language within the conference report will enhance programs that are especially pertinent for students throughout Texas. Upward Bound, a program that will better prepare low-income students, or students whose parents did not go to college, for higher education will receive an additional $282 million. The TEACH program will provide $4,600 grants to students who wish to teach in high poverty schools or in high-need subjects. The bill also includes a $510 million grant program to help schools that serve minorities ensure their students graduate.

“Exemplary, qualified students in my district deserve the best education has to offer,” said Congressman Cuellar, “We must invest in America’s students, and it is Congress’ obligation to help relieve the financial burden placed upon those who cannot afford to attend college. I am proud to have taken part in this groundbreaking bill—the largest investment since the G.I. Bill, and at no cost to taxpayers,” said Congressman Cuellar.

The Senate passed this bill by a vote of 79 to 12. It now travels to President Bush for his signature.

Congressman Henry Cuellar is a member of the House Homeland Security, Small Business, and Agriculture Committees in the 110th Congress; accessibility to constituents, education, health care, economic development and national security are his priorities. Congressman Cuellar is also a Majority Senior Whip.
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