CDA Praises Democrats for Making College More Affordable for Minority Students

Today the Democratic Congress sent landmark legislation to the President that reduces college costs for millions of young people. College Democrats of America issued the following statement praising Congressional Democrats and highlighting the bill's benefits for minority students.

College Democrats of America Black Caucus Chair Kevin Chambliss and Hispanic Caucus Chair Shamil Rodriguez issued the following joint statement:

"Democrats are clearly delivering on their promise to expand opportunity and increase college affordability by passing this landmark legislation. For all young people, and especially minority groups, college is the key to improving their future. College graduates are more likely to earn higher wages and to have access to health care and overall career stability.

"This legislation goes far in helping young people who may be the first in their family to attend college by increasing Pell Grants which benefit low income students and their families. Democrats believe that all Americans who want to attend college should have this opportunity. By making college more affordable we are ensuring that future generations are equipped with the tools they need to compete in a global and increasingly diverse economy.

"We call on President Bush to follow Democrats' lead, and urge him to show his support for our country's young people by signing this critical legislation."

Democrats Make College More Affordable for African American Families

PELL GRANTS: Will increase the maximum Pell Grant scholarship - the federal scholarship for low- and moderate-income students - by $490 over the next year and at least $1,090 over the next five years. About 47 percent of all African American students receive Pell Grant scholarships each year.

INTEREST RATES: Will cut the interest rates on need-based federal student loans in half from 6.8 percent to 3.4 percent over five years. Once fully implemented, this cut will save the typical borrower - with about $13,800 in need-based loan debt - $4,400 over the life of the loan. About 38 percent of African American students take out need-based student loans each year.

HBCUs: Will provide $170 million in grants for Historically Black Colleges and Universities (HBCUs) over the next five years. HBCUs enroll 14 percent of all African American students. All 99 HBCUs that currently receive federal funds will benefit from this significant funding increase.

UPWARD BOUND: Will provide $228 million in funding over four years for Upward Bound, a program that seeks to increase high school completion and college participation and graduation rates among low-income students and first-generation college students. This will restore critical funding for programs that were not funded in fiscal year 2007.

African American students make up nearly 50 percent of all Upward Bound participants.
[Source: House Committee on Education and Labor, 9/2007]

Democrats Make College More Affordable for Hispanic Families

PELL GRANTS: Will increase the maximum Pell Grant scholarship - the federal scholarship for low- and moderate-income students - by $490 over the next year and at least $1,090 over the next fives year. About 37 percent of Hispanic students receive the Pell Grant scholarship each year.

INTEREST RATES: Will cut the interest rates on need-based federal student loans in half from 6.8 percent to 3.4 percent over five years. Once fully implemented, this cut will save the typical borrower - with about $13,800 in need-based loan debt - $4,400 over the life of the loan. About 25 percent of Hispanic students take out need-based student loans each year.

HISPANIC SERVING INSTITUTIONS: Will provide $200 million in grants over the next five years to Hispanic-Serving Institutions (HSIs). About 173 HSIs, which enroll almost half of all Hispanic college students, will be eligible to receive these grants. Like other minority-serving institutions, HSIs are more likely to offer support services for Hispanic students, such as mentoring, tutoring and counseling programs, than are other institutions. Priority funding will be given to HSIs that increase the number of low-income students attaining degrees in the fields of science, technology, and math.

UPWARD BOUND: will provide $228 million in funding over four years for Upward Bound, a program that seeks to increase high school completion and college participation and graduation rates among low-income students and first-generation college students. This wil restore critical funding for programs that were not funded in fiscal year 2007.

Hispanic students make up 22 percent of all Upward Bound participants.
[Source: House Committee on Education and Labor, 9/2007]