House Education and Labor Committee Chairman Bobby Scott (D-VA) today released the College Affordability Act, which recognizes the desperate need for accountability for predatory institutions and presents real affordability solutions for future college students.
This bill’s many positive elements include provisions that would allocate more funding and lower the cost of education for future students and a much-improved system of accountability for institutions of higher education. In particular, the attention paid to the Gainful Employment and Borrower Defense rules and closure of the 90-10 loophole represent significant improvements.
Looking to the future, it is clear that the crisis facing people who hold student loans is great and requires bold solutions. Forty-three million adult Americans, including one in three young adults (25- to 34-year-olds), have student debt that totals more than $1.5 trillion. The solutions presented in this bill are important steps in the right direction, and we look forward to seeing the House continue to help borrowers by working towards broader and bolder solutions, such as student debt cancelation.
Generation Progress Executive Director Brent J. Cohen issued the following statement in response:
“Generation Progress appreciates the seriousness with which the House has approached accountability fixes and the leaps in the right direction for future students that this bill provides. We are heartened to see a clean repeal of the ban on Pell grants for incarcerated students, and we hope that this repeal will remain a priority as the bill moves forward.
With bold action and legislation that builds on the foundation set by this bill, we can make a strong dent in this crisis and a huge impact on the lives of current and future borrowers.”
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