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U.S. Senator Sherrod Brown
Making College
Affordable and Accessible for Ohioans
With Americans in more than $1.2 trillion in student loan debt, far too
many people continue to struggle under the weight of student loans.
This month, U.S. Senator Sherrod Brown (D-OH) joined 28 of his Senate
colleagues as they introduced the In the Red Act, major reform
legislation to improve college affordability. The In the Red Act
incorporates two bills that Sen. Brown co-sponsored and includes
additional reforms that could change the face of college affordability
for millions of student loan borrowers.
The In the Red Act incorporates the Bank on Students Emergency Loan
Refinancing Act, legislation that would allow student loan borrowers to
refinance their debt at the lower interest rates offered to students in
the 2013-2014 school year under the Bipartisan Student Loan Certainty
Act — allowing students to refinance their student loans just like car
loans, mortgages, or business debt. According to the U.S. Department of
Education, an estimated 24.2 million borrowers could save an average of
$1,896 by refinancing their loans under the In the Red Act.
The In the Red Act would also adjust Pell Grant awards so that they
track inflation, making sure the largest federal investment in higher
education for low- and moderate-income students does not erode if the
price of goods and services rises. If Pell Grants were indexed to
inflation, an estimated 9.2 million students could see an increase of
up to $1,300 to help pay for college.
Community colleges help students earn associates degrees and, for many
students, they are a first step to a four-year degree. Community
colleges also provide important training and certificates for a variety
of careers. The In the Red Act incorporates the America’s College
Promise Act, legislation Sen. Brown cosponsored that creates a
federal-state partnership to make two years of community college
tuition free for eligible students. It would provide a three-to-one
federal match for every dollar invested by the state to help pay for
community college. There would also be a new grant program to helps
cover portions of tuition and fees at historically black colleges and
universities, and minority-serving institutions.
Further, the In the Red Act would incentivize schools to provide
high-quality degrees and increase accountability for institutions of
higher education. In order to participate in the community college
program, schools and states would have to take specific steps to ensure
the quality of their schools, including requiring states to maintain
investment in higher education funding, ensuring community college
classes are transferrable to other colleges and universities, and using
evidence-based reforms and innovative practices to improve student
outcomes.
Sen. Brown is proud to be a cosponsor of the In the Red Act and will
continue to work to make sure that higher education is more affordable
for all students.
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