YDA Statement on Final Congressional Approval of the College Cost Reduction Act of 2007
FOR IMMEDIATE RELEASE
Friday, September 07, 2007
CONTACT:
Jamal Simmons (202) 262-5058
Bill Buck (202) 257-4002
WASHINGTON, DC – Today, Congress passed much needed financial relief for America’s college students. The College Cost Reduction Act of 2007 has passed with large margins in the House and the Senate and is ready for final action.
“Thanks in part to the efforts of young voters in the last election, Democrats now control Congress,” said Young Democrats of America (YDA) President David Hardt.
“This legislation is clear proof that the voice of young voters was heard by Congress. Young voters are turning out – and embracing the Democratic Party – in record numbers because Democrats share their values, such as making education more accessible. The young voter revolution that is occurring will continue to sweep Democrats into power both at the local and the national level.”
In the 2006 election, voters ages 18-29 made up 21% of the electorate (41.9 million) and supported Democratic candidates by an impressive 58 percent – six points higher than voters as a whole. This same age group was the only age group that Democrats won in the 2004 election.
The College Cost Reduction Act of 2007 is the largest federal effort to make higher education more affordable since the 1944 G.I. Bill. This landmark act cuts interest rates on student loans, limits the percentage of income students spend repaying loans, and expands the Pell Grant scholarships system. Costs associated with the bill are offset through cutting excess subsidies to private banks and lenders.
The Young Democrats of America and other youth organizations have been lobbying Congress on the need for student loan reform.
