On Wednesday June 13, the House Education and Labor Committee marked up the “College Cost Reduction Act of 2007.” This bill introduced by Chairman George Miller (D-CA), includes a number of provisions that would, according to Miller, “ease the financial burden imposed on students and families by the cost of college, including: tuition assistance for excellent undergraduate students who agree to teach in the nation’s public schools; loan forgiveness for college graduates that go into public service professions; and increased federal loan limits so that students won’t have to rely as heavily on costlier private loans.”

During deliberations, the Committee approved by voice vote an amendment offered by Reps. Tim Bishop (D-NY) and Jason Altmire (D-PA) that would fund the Perkins Loan Capitol Contribution for the next five years. The Bishop-Altmire amendment will provide $100 million for the federal capital contribution (FCC) to the Perkins Loan program, allowing more schools to participate in the Perkins Loan program and more students to receive Perkins Loans.

During debate on the bill, several Republican members of the Committee said they supported the Perkins Loan Program but opposed making the FCC an entitlement, where funding automatically will be available for the next five years. However, the voice vote was accepted in the end.

Before the bill becomes law it must go before the full House, and the Senate must also pass it.

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