Sen. Tom Harkin went to Grand View College on Monday to praise a bill aimed at making college more accessible to low-income students and helping graduates with heavy loan debt.
Harkin voted for the College Cost Reduction and Access Act, approved by the Senate and House on Sept. 7 and now awaiting President Bush’s signature. Bush previously objected to some elements of the bill but has indicated he would sign it.
Speaking at a news conference at the Des Moines college, Harkin said he wanted to halt rising loan interest rates and boost federal grants to relieve the debt the now burdens students upon graduation.
“College has become a distant and unattainable dream for millions of Americans. And for millions more who are fortunate enough to attend college, they graduate with two things a college diploma and a mountain of debt,” he said.
Harkin said the bill would:
Gradually increase the federal Pell Grant amount per year until 2012, when it would total $5,400. Students do not have to repay this money.
Reduce the amount of government subsidies paid to private lenders like Sallie Mae, JP Morgan and Citibank as well as non-profit agencies that administer federal loans.
