FOR IMMEDIATE RELEASE
CONTACT:
Amy Wojcicki, Communications Director
[email protected]
503-239-8636
Earlier today, President Obama signed the Health Care and Education Reconciliation Act, putting the country on track to have the highest proportion of college graduates in the world by 2020. “Today, we thank President Obama for signing the Health Care and Education Reconciliation Act, making the largest single investment in higher education in our country’s history. This legislation will help the country sustain a competitive advantage in the global marketplace and ensure that every Oregonian will have a chance to achieve the American dream,” said Democratic Party Chair Meredith Wood Smith. “This will not only make college more affordable for Oregon students, it will also save taxpayers billions of dollars. By switching to direct lending, rather than paying out big subsidies to banks, we can save money while increasing Pell Grants and investing directly in students. “The Health Care and Education Reconciliation Act is just one of the President’s reforms improving the lives of young Oregonians. Just last week, President Obama’s health reform legislation became law, allowing young people to stay on their parents’ insurance until their 26th birthday. President Obama ran for office promising change, and today he continues to deliver on that promise.” The Health Care and Education Reconciliation Act will: • Eliminate wasteful subsidies to private bankers by switching to a system of direct lending of federal student loans. • Make historic investments in America’s workforce by making college dramatically more affordable – at no increased cost to taxpayers. • Invest $36 billion over 10 years to increase the maximum annual Pell Grant scholarship to $5,550 in 2010 and to $5,975 by 2017. • $68 billion for college affordability and deficit reduction over the next 11 years. The Health Care and Education Reconciliation Act meets Pay-As-You-Go fiscally responsible principles and will reduce the deficit by at least $10 billion over 10 years.
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