Scott: CBO Confirms GOP Higher Education Bill is a $15 Billion Raid on Student Aid
WASHINGTON, DC – Ranking Member Bobby Scott (VA-03) issued the following statement after the Congressional Budget Office (CBO) released cost estimates for H.R. 4508.
“The CBO’s score of H.R. 4508 confirms what we already knew to be true – this bill makes college more expensive for America’s students and working families. According to the CBO, H.R. 4508 would send $9.2 billion in taxpayer dollars to for-profit schools and low-quality programs, but fails to provide any substantial support to help low-income students afford college. If H.R. 4508 became law, it would require students and parents to pick up the tab for a massive corporate giveaway. The bill slashes nearly $15 billion from student aid by eliminating grants for low-income students and prospective teachers, making student loans more expensive, and killing Public Service Loan Forgiveness (PSLF) ─ a program with strong bipartisan support. Any suggestion that this bill is budget-neutral or does not cut available aid to students is false.
“When President Johnson signed the original Higher Education Act (HEA), he made the solemn promise ‘that a high school senior, anywhere in this great land of ours, can apply to any college or university and not be turned away because his [or her] family is poor.’ This CBO score shows that H.R. 4508 has clearly abandoned that fundamental promise. The bill forces students to borrow more and then pay more to repay their loans. I urge my colleagues to abandon this partisan approach and work on a bipartisan solution that not only makes higher education accessible and affordable, but empowers all students to succeed in our economy.”