Madam Speaker, I also rise in strong support of H.R. 5. The high cost of education and the lack of adequate financial aid make obtaining a higher education unattainable for many of America's working families, including Latinos. This has…
Madam Speaker, I also rise in strong support of H.R. 5.
The high cost of education and the lack of adequate financial aid make obtaining a higher education unattainable for many of America's working families, including Latinos. This has been a great challenge for us in the last decade.
Since 2001, tuition and fees have jumped by 17 percent at private universities and by 41 percent at public universities and student loan interest rates have risen by 2 percent. According to the Congressional Advisory Committee on Student Financial Assistance, the cost of higher education will prevent 4.4 million high school graduates from attending a 4-year public college or institution.
Obtaining a higher education is especially difficult for Latinos, who face low family incomes, low financial aid awards and a reluctance to assume debt. The median household income for Latino families has fallen by over 4 percent over the past 5 years.
Latinos, as you know, represent about 15 percent of the college-age population, and yet only represent 12 percent of all undergraduates in U.S. colleges and universities and only represent 5 percent of those students in graduate schools.
Of all undergraduate students enrolled in the 2003-2004 academic year, 49 percent of Latino undergraduates were more likely to be first- generation students, much like myself. Fifty-one percent are enrolled on a part-time basis and the majority are coming from low income households. Yet Latinos receive the least financial aid of any ethnic group in the country.
Latinos and other low income communities deserve the security provided by an affordable higher education. H.R. 5 is part of that solution. Cutting the interest rate on subsidized student loans in half from 6.8 percent to 3.4 percent will make college more affordable for many thousands and thousands of Latino students.
A higher education should not be a privilege and available only to the few. Today, we are fulfilling that promise by passing this bill,
Madam Speaker, I stand here today in strong support of H.R. 5, the College Student Relief Act of 2007.
I was proud to cast my support for this bill earlier today and commend the democratic leadership for making college affordability one of our first items of business in the 110th Congress.
Our children's future is very important to America's families. A quality education is key to that future.
However, many of America's working families, including Latino families, struggle to provide this future for their children.
The high cost of an education and the lack of adequate financial aid makes obtaining a higher education unattainable.
Since 2001, tuition and fees at private universities have jumped by 17 percent after inflation.
At public universities tuition and fees have increased by 41 percent after inflation.
In addition to tuition and fees rising, interest rates on student loans have risen.
Over the last 5 years, the interest rates on student loans have jumped by almost 2 percent--further increasing the cost of college.
During the same period of time that tuition jumped by 41 percent, the median household income for Latinos fell by 4 percent.
Of the millions of student loan borrowers with need based loans, half have family incomes between $26,000 and $68,000.
According to the 2004 National Postsecondary Student Aid Study, 73 percent of Latino families had incomes below $62,240. Forty-seven 47 percent of Latino families have incomes less than $34,288 per year.
In 2005, the total cost of college for one Latino student was 32 percent of a median household's income for a public institution.
It nears 75 percent of a median household's income for a private institution.
Yet Latinos receive the least financial aid of any ethnic group, including Federal and non-Federal aid.
While the average total aid award for all undergraduates in 2003-04 was $6,890, Latinos
received the lowest average aid award of $6,250.
The high cost of higher education leaves many Latino students with no choice.
According to the Congressional Advisory Committee on Student Financial Assistance, the cost of a higher education will prevent 4.4 million high school graduates from attending a 4-year public college over the next decade.
And would prevent another two million high school graduates from attending any college at all.
This road is especially difficult for Latinos, who face low family incomes, low financial aid awards and a reluctance to assume debt.
Latinos represent 15 percent of the college-age population, yet only 12 percent of all undergraduates in U.S. colleges and universities, and 5 percent of students in graduate programs.
Only 12 percent of Latinos over the age 25 have a bachelor's degree.
Of all undergraduates enrolled in the 2003-2004 academic year, 49 percent of Latino undergraduates were more likely to be first- generation students, 51 percent are enrolled on a part-time basis and the majority have low-incomes.
Latinos and other low income communities deserve the security provided by an affordable higher education. H.R. 5 is part of the solution.
Cutting the interest rate on subsidized student loans in half from 6.8 percent to 3.4 percent over the next five years will make college more affordable for thousands of Latino students.
In fact, this bill will save students with $13,800 in subsidized federal student loan debt approximately $4,400 over the life of their loan.
At a time when financial barriers are preventing millions of young Americans from attending college we must make college more affordable.
I was fortunate to have access to federal and state programs such as the Pell Grant and Work-Study Program.
As Director of the California Student Opportunity and Access Program, I was able to help students find ways to afford their college education.
As a former Member of the Rio Hondo Community College Board, I know the struggles our colleges face in providing services to students.
My experience taught me that access to higher education should not be a privilege available to a select few, but a right available to all.
Investing in affordable higher education for every child benefits our society as a whole.
Today we are fulfilling our promise to make college more affordable for students.
Cutting interest rates in half on student loans is the first step.
I look forward to working with my colleagues to ensuring our children--all of our children--have a brighter future through education.