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Chairman Scott Statement on Cost of Student Loan Program

07.29.22

WASHINGTON – Chairman Robert C. “Bobby” Scott (VA-03) released the following statement after the Government Accountability Office (GAO) released a report entitled, “Student Loans: Education Has Increased Federal Cost Estimates of Direct Loans by Billions due to Programmatic and Other Changes.”  

“A college degree remains the surest path to achieving the American Dream.  The student loan program was originally created to ensure that all students—regardless of their family’s income—could afford to go to college.

“Regrettably, this GAO report shows that the soaring cost of college—caused by decades of state disinvestment in higher education and the declining value of the Pell Grant—has forced students to borrow more money for a degree.  Unlike previous generations, students are now taking out loans in amounts which make repayment difficult.

“Every American deserves access to an affordable, high-quality college degree. Rather than cast blame on previous Administrations—two of which were Republican and two of which were Democratic—we should focus on solutions.  The solution to this problem is not to eliminate the student loan program, but—rather—we should work together to address the rising cost of college, restore the value of the Pell Grant, and make meaningful reforms to the student loan program.”

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