2008 Woodie Awards
College bill of rights passed to aid students
Daniel Gamberg
Issue date: 3/3/08 Section: News
The U.S. House of Representatives passed the College Opportunity and Affordability Act on Feb. 7, addressing the escalating prices of college tuition and establishing the College Consumer Bill of Rights. The CCBR is a set of rights protecting students who financially depend on federal or private loans to attend college.
The College Opportunity and Affordability Act was passed in the House by a vote of 354-58 and is an extended example of the Democratic majority leading Congress' effort to make college more accessible and affordable for students.
Embedded in The College Opportunity and Affordability Act is the bill of rights. The CCBR was created to bar the relationship between student loan companies and college universities.
The relationship among loan lenders and colleges and universities has received heavy criticism in recent years. While university officials were given exclusive financial arrangements and made "preferred lender" lists (lists directing students in need of financial aid), students were overcharged and misled. The Department of Education's oversight of the malpractices within the $85 billion student loan industry was scrutinized last year in a national investigation led by New York Attorney General Andrew Cuomo.
The CCBR promises to prevent future acts of malfeasance. In addition, the CCBR provides students and parents with ten rights to protect and ensure the legitimacy of their loans.
The Bill of Rights not only provides students and families with rights, but also aims to build consumer confidence and guarantee that lending practices are fair and meet consumer needs. Furthermore, the Bill of Rights aims to establish a new lawful relationship between student loan companies and college universities.
While the Bill of Rights primarily addresses student loans, Congress has passed additional legislation to improve the accessibility and affordability of college for students, as well. The College Cost Reduction and Access Act of 2007 signifies the largest investment in the U.S. education system since the adoption of the G.I. Bill, which guaranteed college or vocational education for returning WWII veterans in 1944.
The College Opportunity and Affordability Act was passed in the House by a vote of 354-58 and is an extended example of the Democratic majority leading Congress' effort to make college more accessible and affordable for students.
Embedded in The College Opportunity and Affordability Act is the bill of rights. The CCBR was created to bar the relationship between student loan companies and college universities.
The relationship among loan lenders and colleges and universities has received heavy criticism in recent years. While university officials were given exclusive financial arrangements and made "preferred lender" lists (lists directing students in need of financial aid), students were overcharged and misled. The Department of Education's oversight of the malpractices within the $85 billion student loan industry was scrutinized last year in a national investigation led by New York Attorney General Andrew Cuomo.
The CCBR promises to prevent future acts of malfeasance. In addition, the CCBR provides students and parents with ten rights to protect and ensure the legitimacy of their loans.
The Bill of Rights not only provides students and families with rights, but also aims to build consumer confidence and guarantee that lending practices are fair and meet consumer needs. Furthermore, the Bill of Rights aims to establish a new lawful relationship between student loan companies and college universities.
While the Bill of Rights primarily addresses student loans, Congress has passed additional legislation to improve the accessibility and affordability of college for students, as well. The College Cost Reduction and Access Act of 2007 signifies the largest investment in the U.S. education system since the adoption of the G.I. Bill, which guaranteed college or vocational education for returning WWII veterans in 1944.
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