At a time when college costs continue to skyrocket, I was proud to join my colleagues in the U.S. House of Representatives on January 17 in voting for a bill to make college more affordable for the 5.5 million college students with subsidized student loans.

The College Student Relief Act of 2007, which passed in a vote of 356-71, will cut the interest rate on need-based federally subsidized student loans for undergraduates in half over the next five years – from the current 6.8 percent to 3.4 percent in 2011. 

Once fully phased in, the bill will save the average four-year college student in California starting school in 2011, $4,830 over the life of their loans.  That $4,830 in savings will be a lifeline for low- and middle- income students as they deal with increased financial pressures after college, such as paying for rent, utilities, groceries, health care, and other essential costs, in addition to paying off their loans.

Tragically, our country fails to benefit from the talents of so many of our students simply because they cannot afford a college education.  Tuition and fees at most four-year institutions have soared in recent years, rising 41 percent since 2001.  These high costs are financial barriers for many students seeking a college degree.  In fact, over the next 10 years, the cost of higher education will prevent nearly 4.4 million high school graduates from attending a four-year public institution and another 2 million from going to college at all.

The College Student Relief Act will significantly help talented students from my district, many of whom are the first in their families to attend college.  I am always impressed that, even in the face of so many obstacles and sacrifices, they remain determined to succeed, make their family proud, and give back to their community. 

In addition, cutting interest rates on subsidized student loans will not only help students across our country realize their dreams, but it will also help to make our country stronger.  If our country is to continue as the world leader and remain competitive in today’s highly technical global economy, we must maintain a highly educated workforce.  To achieve that goal, we must give all America’s children the opportunity to develop their talents and reach their full potential.

In the new 110th Congress, we must do everything possible to address rising costs so that no qualified student is prevented from going to college because of the price.  Cutting interest rates on student loans is only the first step.  I look forward to joining my colleagues later in the year as part of a new Democratic majority in Congress in supporting other key legislative priorities to reduce the financial barriers to a college education, including increasing the maximum federal Pell Grant scholarship.

After all, education is the key to a better life in this country.  As your Member of Congress, I’m committed to making sure as many people as possible have access to a college education and the many opportunities the experience provides.

(Congresswoman Lucille Roybal-Allard provides parents and students with useful information about federal loans, internships, fellowships, private scholarships and work-study opportunities.  Workshops are also coordinated by her staff to help parents and students fill out college financial aid forms.  For students interested in attending our nation's U.S. service academies, the congresswoman hosts an annual academy workshop.  The academies provide a free college education in return for five years of military service following graduation.  To learn more, visit www.house.gov/roybal-allard  or call (213) 628-9230.)
 

-- ### --