WASHINGTON, D.C. – Congressman Jason Lewis (MN-02) issued the following statement after introducing the College Completion and Success Act, H.R. 4336:
“Students make a big investment in a college education to earn a degree and enter the workforce with the right skills. There’s a completion crisis in this country as far too many young people drop out and end up owing huge sums of money with no degree to show for it- and with taxpayers on the hook for federal loans. Colleges must be more engaged in the academic success of their students, especially students from less-advantaged backgrounds. My legislation puts more financial responsibility on colleges to ensure they do their job and keep students on the pathway to a bright future.”
Background:
Only about 55% of full-time students attending 4-year institutions actually make it to graduation. The numbers are even lower for part-time students and those attending 2-year institutions. Students who do not earn a degree are three times more likely to default on their loans, leaving taxpayers to pick up the tab.
The College Completion and Success Act reforms the burdensome institutional refund process so colleges do not “earn” all of a student’s financial aid until the student actually completes the semester. By streamlining how colleges calculate the amount of aid earned, schools will be able to spend less time and resources on compliance. The bill shifts the primary burden of repaying unearned aid onto the colleges, giving them a strong incentive to promote student persistence and success. Taxpayers’ investment in higher education is protected when student completion is not achieved and students benefit by regaining Pell eligibility, increasing their ability to return to school and complete a degree.
