Press Releases

WASHINGTON – Today, the Congressional Budget Office (CBO) published an official score for Education and the Workforce Committee Chairwoman Virginia Foxx’s (R-NC) bill, the College Cost Reduction Act (CCRA), finding that it will save taxpayers $185 billion over the next decade through policies that rein in the executive branch, strengthen and simplify the nation’s broken student loan program, and reduce college costs for students and families.

Chairwoman Foxx statement on CCRA saving $185 billion: “The state of postsecondary education in America is one of pure dilapidation—the time for serious, meaningful reform is now. CBO’s estimate for the College Cost Reduction Act is a testament to the commonsense solutions embedded in this landmark legislation that will bring much-needed accountability, transparency, and affordability measures and deliver the kind of education students need and our economy demands. Lowering the costs and ensuring value for students and taxpayers is not an option—it’s a mandate that must be upheld.”

To read CBO’s report, click here.

Background

H.R. 6951, the College Cost and Reduction Act:

• Ensures clear, accessible, and personalized information about costs and return on investment is available to prospective students and families.
• Holds institutions financially responsible for overpriced degrees that leave students and taxpayers with unaffordable debt.
• Funds colleges based on student outcomes rather than excessive regulations that further increase costs to families.

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