WASHINGTON — Today, U.S. Senators Chris Murphy (D-Conn.) Brian Schatz (D-Hawaii), and Patty Murray (D-Wash.) introduced the College Affordability and Innovation Act of 2014, new legislation to make college more affordable for students across the United States. Over the last 30 years, the cost of college has increased by a whopping 300 percent, forcing some students to take on crushing student loan burdens or putting a degree entirely out of reach for others. Student loan debt is now the highest form of personal debt in the nation, reaching over $1.1 trillion for 38 million student loan borrowers across the country.
During last night’s State of the Union address to Congress, President Obama reaffirmed the importance of reducing the cost of college in order to expand economic opportunity for middle class and low-income Americans. The College Affordability and Innovation Act aims to put an end to these rising college costs and ensure students of all backgrounds have access to quality education with less of a need to take out costly student loans. The bill focuses on two principles that the Administration has also prioritized in its work to expand economic opportunity: innovation and accountability. While some colleges and education experts have developed new and creative ideas to reduce the cost of college, not enough colleges have actually put these ideas into practice. Furthermore, the cost of college is now at its highest and still continues to rise, and the federal government invests more money than ever before in higher education. In spite of its investment, in many ways schools are not held accountable to students and American taxpayers.
“Over the past decade, families in Connecticut have seen the cost of the things they need increase faster than their wages. The cost of a college education has soared to prohibitively high levels, preventing countless prospective students from obtaining a degree, and the opportunities they deserve. I’ve heard from students and educators all across Connecticut and the message is clear: we need college administrators to wake up every day thinking about how they’re going to bring down the cost of college for students,” said Murphy. “Our legislation will incentivize schools to create new, innovative programs to bring down the cost of college while improving the quality of a degree, and will set new standards for schools that receive federal funding so that they’re more accountable to students and the taxpayer. Reducing the cost of college needs to be a top priority as we work together to increase economic opportunities for all Americans. I look forward to working with Senators Schatz, Murray and my colleagues on this legislation in the months to come.”
“College affordability is one of the biggest middle class issues of our time - no generation escapes the issue,” said Schatz. “A higher education is the best way to for people to move up the economic ladder. The federal government should subsidize higher education, but if we’re giving $140 billion in financial aid to institutes of higher learning, we need to make college more affordable, not less. Each college can have whatever mission it wants, but if these institutions want to receive federal dollars, our bill says that part of that mission must involve affordability and access.”
“At a time when we’re working to reduce inequality and create paths to the middle class, I’ve heard from too many students in Washington state who are struggling with student loan debt, and even worse, from others who are hesitant to go to college because the costs are simply too high. That’s unacceptable, and that’s why I’m proud to co-sponsor this legislation,” said Murray. “In the short term, this legislation incentivizes institutions to innovate to reduce costs, and over the long term, it will give students the opportunities and resources they need to make smart decisions on higher education.”
To encourage colleges to innovate and be accountable to the students they serve, the bill does the following: