Last night, the Senate achieved a monumental victory by overwhelmingly approving a bipartisan agreement to reauthorize the Higher Education Act (HEA).  This bill will expand opportunities for all Americans by improving higher education affordability, access, and accountability.

Completing this bill was a marathon, but we’ve reached the finish line.  This is a great moment for America’s students and their families.  This bill is critical to enhancing our economic security, and improving the knowledge and skills that are the gateway to the future for our students, working families, and businesses.

After over four years of negotiations, I am proud to send the President this bill to strengthen higher education programs and expand access to a college education for millions of Americans.  The bipartisan agreement we approved last night ensures that students who are in school or will enter postsecondary education over the next decade will find it easier to get the education they need and to develop the skills and knowledge to be successful in this competitive world.

The Senate approved the bill, H.R. 4137, the “Higher Education Opportunity Act of 2008,” by an 83-8 vote.

This agreement will restore students’ trust in student loan programs by holding lenders and schools to a code of conduct.  It will also ensure that students and parents have the information they need about the costs of college and the financial impact of their loans so they can make sound decisions about their futures.

I want to thank my colleagues, especially Senators Kennedy and Mikulski and Congressmen Miller and McKeon, for keeping their commitment to complete this conference agreement.

The final conference agreement will include provisions to:

• Provide consumer friendly, easy to access and understand, detailed information about college tuition and fees.
• Simplify the financial aid application process.
• Require colleges to establish Codes of Conduct to prohibit their financial aid employees from receiving anything of value in exchange for advantages sought by lenders.
• Require greater disclosure in college costs, including: college price watch lists; internet-based calculators of the net cost of college; and greater disclosure of textbook costs.
• Provide in-state tuition for members of the Armed Forces and their dependents who have lived in a state for more than 30 days.
• Authorize year-round Pell grants so that students can accelerate their course of study, and expand grant programs for non-traditional students.

This entry was posted on Friday, August 1st, 2008 at 2:55 pm and is filed under Uncategorized .