Affordable College Education
As you may know, America's higher education system is facing a crisis. Decades of dramatically increasing costs, in both good economic times and bad, are threatening to push the dream of a college education out of reach for millions of students and families. In fact, according to the College Board’s most recent report on trends in college pricing between 1995 and 2005 the average tuition and fees paid at private four-year colleges and universities rose 36 percent, after adjusting for inflation. Over the same period, average tuition and fees paid at public four-year institutions rose a staggering 51 percent, and at community colleges by 30 percent. This is a national tragedy as the need for a college education is greater than ever, especially considering that our economy is becoming ever more intertwined with high technology and American businesses are facing stiffer and stiffer international competition.
My Democrat colleagues, such as Senate Health, Education, Labor, and Pensions Committee Chairman Edward Kennedy have introduced legislation like the “Higher Education Amendments of 2007,” (S.1762) and the “Higher Education Access Act of 2007,” (S.1642), which purport to solve this problem by providing more Federal higher education grants and loans. While the intent of this new spending is admirable, it is equally misdirected as it does nothing to actually hold down the cost of a college education.
That is why I have supported and am currently working to pass four bills in this Congress which I believe will truly help families to alleviate the burden of cost. The first is H.R. 686 which amends the Internal Revenue Code to make permanent the tax deduction for qualified tuition and related expenses. The second, the “Student Financial Readiness Act of 2007,” (H.R.590) which amends the Internal Revenue Code to increase from $2,000 to $5,000 the annual contribution limit to Coverdell education savings accounts; adjust the contribution limit for inflation after 2007; and finally prohibit contributions by individuals whose modified adjusted gross income exceeds $150,000 ($300,000 for married couples filing joint tax returns). The third bill I have co-sponsored is which would amend the Internal Revenue Code to make permanent certain temporary provisions applicable to individuals, including the sales tax deduction, the child credit, the repeal of the estate tax, and the deduction for higher education expenses. And finally, I have personally introduced HR 1437 which would amend the Internal Revenue Code to: (1) make permanent the tax deduction for qualified tuition and related expenses; (2) increase the maximum amount of such deduction to $5,000 and repeal provisions requiring a phase-out of the deduction based on adjusted gross income; and (3) allow grandparents to claim a deduction for the tuition and related expenses of their grandchildren.
I believe that providing our children with the opportunity to receive an affordable college education is a legacy worth striving for. Our students deserve more from us than to play politics with their college education and you can rest assured that I will continue to work hard to pass legislation that makes it easier for all students to attend college, and helps reduce the burden on middle class families struggling to give their children a chance for a greater future with more opportunities.