Statement by Edward J. McElroy,
President, American Federation of Teachers,
In Support of the College Cost Reduction and Access Act of 2007

Note:  Today, congressional leaders announced that they have reached agreement on the College Cost Reduction and Access Act of 2007. The legislation is expected to come up for final floor consideration in both chambers later this week. The College Cost Reduction and Access Act increases Pell Grants by nearly $12 billion; cuts the interest rate for student loans in half; and includes innovative loan-forgiveness provisions for public service employees such as those in public health and public education—including early childhood education. The bill also cuts waste by eliminating more than $20 billion in taxpayer-funded subsidies for lenders like NelNet and Sallie Mae.

WASHINGTON, D.C.– The College Cost Reduction and Access Act puts the emphasis back on helping students attend college, not on subsidizing private banks. For too long, lenders have profited at the expense of the very people they were supposed to help. The reform of this system is long overdue and in line with the legislative priorities of the American Federation of Teachers.

The bill helps make college a reality for low- and middle-income students by providing more needs-based aid and making student loans more affordable. We are pleased that Chairman Edward Kennedy, Chairman George Miller and members on both sides of the aisle have recognized the importance of these issues and moved quickly to pass the reform through Congress.

We must make higher education accessible to all, not just the privileged few. We urge every member of the U.S. Congress to support the College Cost Reduction and Access Act. We also urge President George W. Bush to sign this important legislation into law. America’s students and families deserve no less.

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