[Congressional Record Volume 151, Number 15 (Monday, February 14, 2005)]
[Senate]
[Page S1346]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  By Mr. KENNEDY (for himself, Mr. Dodd, Mr. Bingaman, Mrs. Murray, Mr. 
Reed, Mrs. Clinton, and Ms. Mikulski):
  S. 371. A bill to provide for college quality, affordability, and 
diversity, and for other purposes; to the Committee on Finance.
  Mr. KENNEDY. Mr. President, it should be our common purpose to extend 
the promise of a quality education to all from birth through college. 
The strength, security, and future of our Nation lie in the education 
and character of our people.
  Every student with the talent, desire, and drive to go to college 
should be able to go to college, unstopped by inability to pay.
  Jobs requiring post-secondary education are expected to account for 
over 40 percent of total job growth over the next decade. Workers with 
a bachelor's degree earn $1 million more over a lifetime than workers 
without a degree.
  But only 40 percent of whites, 30 percent of African Americans, and 
16 percent of Latinos age 18 to 24 attend college. Just as unsettling, 
is that over 40 percent of those who do attend college fail to earn a 
bachelor's degree within 6 years of their initial enrollment, and for 
minorities the percentage is far worse.
  We have to do more to help qualified students attend and finish 
college unburdened by crushing debt, and we must do more to help 
colleges train more and better teachers so that future college students 
are better prepared.
  Today, along with Democratic colleagues on the Health, Education, 
Labor and Pensions Committee, I am introducing the College Quality, 
Affordability, and Diversity Improvement, QUAD, Act of 2005 to 
highlight our proposals to extend college opportunity.
  First and foremost, our bill helps more needy and middle class 
students be able to attend college. It increases the maximum Pell grant 
by $1,000 next year in order to keep pace with tuition increases. It 
doubles the maximum Hope Scholarship Tax Credit, makes it available for 
4 years of education instead of the current 2, and makes it refundable.
  Our bill helps alleviate student debt burden by eliminating 
origination fees on subsidized loans. It enables over 5 million 
borrowers with consolidated loans to refinance their loans just as they 
would a home mortgage to take advantage of lower interest rates.
  Our bill provides a new incentive to colleges to go into the Direct 
Loan program. The Direct Loan program saves the government and 
taxpayers money--11 cents on every dollar lent, according to the 
President's latest budget and Congressional Budget Office estimates. 
Under this bill, no one is forced into the Direct Loan program, but 
colleges in that cost-efficient program will get more funding dedicated 
to helping needy students. If private lenders are inspired to match or 
beat Direct Loan program associated benefits with their ``school as 
lender'' program, so be it. Either way, this proposal is a win for 
colleges, students and taxpayers.
  Our bill provides increased support for minority and first-generation 
college students through increased funding for successful programs such 
as TRIO and GEAR Up, as well as support for minority-serving 
institutions. It also creates a new program to help ensure poor and 
minority students stay in and finish college.
  To help meet our goal under No Child Left Behind to ensure a 
qualified teacher in every classroom, the bill expands and strengthens 
programs to recruit, train, and retain highly qualified teachers, 
paraprofessionals, principals, and superintendents.
  Because of the high costs of higher education for everyone, and 
because each individual's private interest in a college education is in 
our common interest, our bill works to help both low-income and hard-
pressed middle income families send their children to college and 
graduate.
  I hope the majority will look carefully at all the proposals 
contained in this legislation to see where we can find common ground.
  We should all commit that cost will never be a barrier to a college 
degree. Just as Social Security is a promise to senior citizens, we 
should make ``education security'' a promise to every young American. 
If you work hard, if you finish high school, if you are admitted to a 
college, we will guarantee that you can afford the cost of college 
education.
  That should be a goal we can all agree on.
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