New bill aimed at helping students afford college
On Sept. 21, U.S. Sens. Mitt Romney, R-UT, and Kyrsten Sinema, I-AZ, introduced the Earn to Learn Act. The legislation is meant to responsibly reduce student loan debt and make college more affordable for students.
According to Romney’s office, “The Earn to Learn Act aims to responsibly reduce student loan debt and help make college more affordable for students by helping to pay for tuition, books, fees, and other education-related expenses.”
The bill would accomplish these goals by establishing savings accounts to allow students to save for higher education. For every $1 a student contributes, the amount is matched by an additional $8 from the participating state or non-profit. Participating states and non-profits are awarded grants to provide the tuition assistance and financial literacy training.
The legislation encourages the participating students to set aside up to $500 a year from their savings in order to receive scholarship assistance of up to $4,000 a year as a part of the matched savings program.
The money in the account would then go to the student’s chosen educational institution after they enroll.
Sinema wrote in an email that she hopes this bill will have a lasting impact.
“Earn to Learn Act will create an estimated 250,000 additional college scholarships in the first five years,” Sinema wrote. “Earn to Learn students, who must qualify for Pell Grant aid, have a first year retention rate that approaches 90% and the majority graduate with little or no student loan debt.”
The Earn to Learn act is designed specifically for college students, such as those at Utah State University, and promotes education across the country.
USU also works with government organizations, including the state legislature to help support and push along programs and initiatives to help its students and others involved in the university.
Devin Wiser is USU’s vice president for government and external relations. In this position, he oversees all levels of government relationships for the university including the development and implementation of federal and state legislative priorities.
“We always work for and promote the Utah system of higher education priorities as well, especially when it comes to things like performance funding, which can help with some specific goals that the university has when it comes to, you know, retaining students and helping students graduate on time,” Wiser said.
The Earn to Learn Act is one example of a piece of legislation that will have an impact on USU and its students.
Sinema wrote that her motivation behind supporting the bill stemmed from the fact that her education was key in to the opportunities she has had in her life.
“We’re responsibly reducing student loan debt, making college more affordable, and empowering Arizona students to succeed,” Sinema wrote.
According to Romney’s office, the act is modeled off the Earn to Learn program, which has helped underserved and underrepresented students complete a college education.
Scholars with the Earn to Learn program have a first-year retention rate that approaches 90%, and the majority of these students graduate with little or no student loan dead, Romney’s office wrote in an email.
“The Earn to Learn Act will help students pursue their education by equipping them with the financial resources and knowledge they need to attend college or career and technical schools without the burden of being saddled with debt when they graduate,” Romney wrote.