Press Releases
September 7, 2007
Conrad Votes for Passage of Higher Ed Bill
Legislation Makes College More Affordable for ND Families, Senator says
Washington – The U.S. Senate today passed a national education bill that will increase opportunities for North Dakota’s students to attend college. Senator Conrad pushed for the passage of the College Cost Reduction Act, saying it will make higher education more affordable for more North Dakota families.
“The dream of college should not be out of reach for anyone with ability,” Senator Conrad said. “The passage of this legislation will soon make those dreams a reality for many students in North Dakota and across the nation.”
In light of rapidly rising tuition costs, Senator Conrad held a roundtable meeting last month with students, parents and higher education officials at the University of North Dakota. Students and their families told Senator Conrad of their need to increasingly rely on student loans to finance educational expenses. Senator Conrad said he was concerned to learn that 73 percent of North Dakota college seniors graduate with debt — the second highest rate in the nation. He said he would work to push through legislation to make college more affordable.
The passage of the College Cost Reduction Act will increase the maximum award to Pell Grant recipients from $4,310 to $4,800 in 2008 and to $5,400 by 2011. This will provide $5.3 million in new federal grant aid to North Dakota next year, and $57.4 million over the next five years. It also caps monthly student loan payments at 15 percent of discretionary income and cuts interest rates on federally subsidized student loans in half over four years, allowing recent graduates to manage their payments more easily.
As Chairman of the Senate Budget Committee, Senator Conrad plays a critical role in determining funding for education.
“This bill is a vital investment in North Dakota’s young people,” Senator Conrad said. “My grandmother taught me early on the importance of education. The very future of our nation depends on the education of our young people.”
The bill awaits final passage by the House of Representatives later today, and will then be sent to the President, who has indicated he will sign it.
