[Congressional Record Volume 170, Number 20 (Monday, February 5, 2024)]
[House]
[Page H425]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
STRENGTHENING CAREER AND TECHNICAL EDUCATION
The SPEAKER pro tempore. Under the Speaker's announced policy of
January 9, 2023, the Chair recognizes the gentlewoman from North
Carolina (Ms. Foxx) for 30 minutes.
Ms. FOXX. Mr. Speaker, February is Career and Technical Education
Month. I join the Nation in commending all the educators who play a
vital role in preparing America's students for prosperity in the 21st
century economy. However, there is often a disconnect between the
curriculum taught at schools and the skills required for in-demand
jobs.
There are currently 9 million unfilled jobs in the United States, and
job creators are struggling to find qualified workers. Career and
technical education programs offer a practical solution to bridge this
skills gap. These programs offer students hands-on experience and
skills that will allow them to excel in the workforce. By equipping
students with the competencies they need to be successful on the job,
career and technical education programs give participants an invaluable
head start.
Building a strong, skilled workforce is a national priority. Now is
the time to strengthen career and technical education.
Mr. Speaker, last week, the Committee on Education and the Workforce
advanced the College Cost Reduction Act, CCRA, a landmark bill that
would lower the cost of postsecondary education and provide much-needed
relief for countless students and families.
For too long, colleges have been given free rein to charge exorbitant
tuition for degrees without a worthwhile economic benefit. This
legislation would ensure that that is no longer the case.
Don't take my word for it. Preston Cooper from the Foundation for
Research on Equal Opportunity, FREOPP, states: ``The College Cost
Reduction Act would hold colleges and universities financially
responsible for unpaid Federal student loans while delivering direct
aid to institutions with low prices and strong student outcomes.''
Cooper notes the key provisions of the bill would save billions while
lowering tuition costs. Those include loan repayment assistance.
The bill pares down the confusing array of Federal student loan
repayment plans to two: a standard mortgage-style plan and an income-
driven repayment plan.
Student loan risk sharing: Colleges, rather than students, are
responsible for the cost of repayment assistance. Schools would be
required to compensate the government for a portion of the forgiven
unpaid interest associated with their former students.
Performance bonus: Schools may be eligible for new direct payments
from the Federal Government known as Promise grants. These payments are
determined by a formula that rewards colleges for low-income student
enrollment, high graduation rates, low tuition prices, and strong
graduate earnings outcomes.
Loan limits: The bill caps aggregate student loan limits at $50,000
for undergraduate students, $100,000 for graduate students, and
$150,000 for students in graduate professional programs.
{time} 2130
Maximum price guarantee: Colleagues must guarantee that the net
tuition that students pay in their first year will not increase in
subsequent years, for as long as the student is enrolled at the
institution.
College is an investment for families, and they should know that
graduates are receiving a financial return.
As such, the centerpiece of this legislation builds off of the
Bipartisan Workforce Pell Act and measures the return on investment of
college programs by comparing the ratio of the total price students
were charged relative to the value-added earnings graduates receive
from their degree.
Not only does this metric provide a sector-neutral way to assess
whether students are better or worse off for enrolling in a given
program but provides a measure to which institutions can be held
financially responsible or financially rewarded for the outcomes of
their students.
This means that, among other actions, institutions can reduce or
eliminate the risk-sharing penalties by lowering their price, and in
doing so, can become eligible for additional performance-based funding,
like PROMISE grants that require that, at a minimum, the total price
paid by students is at least equal to the value-added earnings of
graduates.
For example, Preston Cooper's analysis of the CCRA highlights several
institutions who are promoting economic mobility and would benefit
substantially under this legislation--the State Technical College of
Missouri, which could receive millions in flexible performance-based
PROMISE funding.
In fact, Cooper's analysis finds that almost 90 percent of community
colleges would financially benefit under the bill after accounting for
risk sharing and PROMISE grants.
Most importantly, the bill benefits students by ensuring that as a
condition of receiving PROMISE grants, institutions would provide
students an up-front, guaranteed price for their entire degree program.
This means that for up to a maximum of 6 years, colleges would lock
in students' tuition, making it far easier to budget needed resources,
and also to weigh the cost of postsecondary education against perceived
future benefits, such as their value-added earnings.
Policy experts across postsecondary education agree that the CCRA
will help lower college costs. Here is what others are saying about it:
Andrew Gillen of the Texas Public Policy Foundation:
``Much is in the College Cost Reduction Act, but the most important
changes revolve around transparency, financial aid reforms,
deregulation, and accountability. . . .
``Overall, the College Cost Reduction Act would be a dramatic
improvement for higher education.''
Michael Brickman of the American Enterprise Institute:
``The College Cost Reduction Act provides the first substantive and
comprehensive proposal in years to reform the way colleges and
universities are funded and held accountable. There's a lot to like.''
Finally, Beth Akers of the American Enterprise Institute:
``The College Cost Reduction Act represents the largest serious and
comprehensive higher education reform package in decades and, in
theory, has plenty of bipartisan appeal.''
Everyone can agree that college is too expensive and a temporary
Band-Aid like one-time loan bailouts simply won't cut it.
The College Cost Reduction Act is a promise from this Congress to the
next generation of students that we are pursuing lasting solutions to
the value problem in postsecondary education. It is also a promise to
taxpayers that they will no longer be forced to pay for someone else's
debt.
You don't have to take our word for it, though. Go listen to and read
the mounds of evidence in support of the CCRA. I am proud of the work
of the committee to advance this bill, and I look forward to a robust
debate upon it reaching the House floor.
Mr. Speaker, I yield back the balance of my time.
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