High Country Times

The Congressional Budget Office (CBO) has released an official score for the College Cost Reduction Act (CCRA), a bill proposed by Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC). The CBO's findings indicate that the CCRA could save taxpayers $185 billion over the next decade. The savings would be achieved through policies designed to curb executive branch powers, streamline and strengthen the nation's flawed student loan program, and lower college costs for students and families.

Chairwoman Foxx commented on the potential savings of $185 billion from her bill, stating, “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.”

The CCRA aims to provide clear, accessible, and personalized information about costs and return on investment to prospective students and their families. It also proposes holding institutions financially accountable for overpriced degrees that leave students and taxpayers with unaffordable debt. Additionally, it suggests funding colleges based on student outcomes rather than implementing excessive regulations that further increase costs to families.

To view the full CBO report on this issue, click here.