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| College Cost Reduction and Access Act | |
|---|---|
| Name | College Cost Reduction and Access Act |
| Enacted by | United States Congress |
| Effective date | 2007 |
| Public law | Public Law |
| Citations | 110th United States Congress |
College Cost Reduction and Access Act
The College Cost Reduction and Access Act was a 2007 United States federal statute enacted during the 110th United States Congress that amended student assistance programs administered by the United States Department of Education, modified provisions of the Higher Education Act of 1965, and altered loan repayment and grant formulae affecting borrowers and institutions. The law was promoted by leading legislators and advocacy groups including Barack Obama (then Senator), Edward Kennedy, George W. Bush, and organizations such as the College Board, National Association of Student Financial Aid Administrators, and American Council on Education.
In the early 2000s, debates in the United States Senate and the United States House of Representatives over rising tuition at Columbia University, Harvard University, University of California, Berkeley, and other institutions led to proposals to revise the Higher Education Act of 1965 and programs administered by the United States Department of Education, the Office of Management and Budget, and the Congressional Budget Office. Influential policymakers including Barack Obama, Edward Kennedy, Christopher Dodd, and Richard Lugar negotiated provisions addressing student loan terms, income-driven repayment modeled on proposals by the Brookings Institution and the Urban Institute, and increased funding for Pell Grant recipients after analyses by the College Board and the American Association of State Colleges and Universities. Key committees involved were the United States Senate Committee on Health, Education, Labor, and Pensions and the United States House Committee on Education and the Workforce.
Major provisions amended sections of the Higher Education Act of 1965 to expand Pell Grant eligibility, reduce interest subsidies for certain loans, and create new income-driven repayment options similar to recommendations from the Institute for Higher Education Policy and the New America Foundation. The law shortened the grace period for some Stafford Loan borrowers and adjusted benefits under the Teachers Service Loan Forgiveness Program administered by the Federal Student Aid office of the United States Department of Education. It also established targeted incentives for graduates working in public service sectors represented by unions and associations such as the American Federation of Teachers and the National Education Association, and incorporated recommendations from think tanks including the Economic Policy Institute and the Center on Budget and Policy Priorities.
Budgetary changes were scored by the Congressional Budget Office and the Office of Management and Budget and affected appropriations for Pell Grant funding, subsidized Stafford loan caps, and loan consolidation programs overseen by the Federal Reserve Board for macroeconomic context. Provisions altered loan subsidy calculations cited in reports from the Government Accountability Office and affected fiscal forecasts used by the United States Department of the Treasury and the Joint Committee on Taxation. Analyses by the Brookings Institution, the Urban Institute, and the American Enterprise Institute examined distributional effects on borrowers from institutions such as City University of New York, University of Michigan, University of Texas at Austin, and Florida State University.
Administration of the law involved coordination among the United States Department of Education, Federal Student Aid, the Office of Management and Budget, and the Government Accountability Office which audited early implementation. Implementation timelines intersected with regulations promulgated under Code of Federal Regulations procedures and notices by the Federal Register. State higher education agencies such as the California Student Aid Commission, the Texas Higher Education Coordinating Board, and the New York State Higher Education Services Corporation adapted outreach programs alongside nonprofit groups like United Negro College Fund and Council for Opportunity in Education.
The law generated debate in forums including hearings before the United States Senate Committee on Health, Education, Labor, and Pensions and the United States House Committee on Education and the Workforce where officials from Harvard University, Yale University, Princeton University, and advocacy groups such as the National Association of Independent Colleges and Universities testified. Critics from conservative organizations like the Heritage Foundation and the Cato Institute argued about budgetary costs assessed by the Office of Management and Budget and implementation burdens discussed by the Government Accountability Office, while progressive groups such as United States Student Association and the Young Invincibles pressed for deeper debt relief inspired by models in reports from the Roosevelt Institute and Demos.
Subsequent amendments and reauthorizations to student aid provisions occurred through statutes and administrative actions involving the Higher Education Opportunity Act, budget reconciliation processes in the United States Congress, and executive actions by administrations including those of Barack Obama and Donald Trump. Related legislative efforts included proposals debated in the United States Senate and the United States House of Representatives that involved entities such as the Federal Student Aid office and watchdog reports from the Government Accountability Office; later scholarship and policy analysis appeared in outlets like the Brookings Institution, Urban Institute, and Institute for Higher Education Policy.