Bill Text: NJ AR197 | 2012-2013 | Regular Session | Introduced
Bill Title: Supports President Obama's proposals to hold institutions of higher education accountable for their performance, and to reduce tuition costs and student debt.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2013-11-18 - Introduced, Referred to Assembly Higher Education Committee [AR197 Detail]
Download: New_Jersey-2012-AR197-Introduced.html
Sponsored by:
Assemblyman TIMOTHY J. EUSTACE
District 38 (Bergen and Passaic)
Assemblywoman CELESTE M. RILEY
District 3 (Cumberland, Gloucester and Salem)
Co-Sponsored by:
Assemblyman Cryan
SYNOPSIS
Supports President Obama's proposals to hold institutions of higher education accountable for their performance, and to reduce tuition costs and student debt.
CURRENT VERSION OF TEXT
As introduced.
An Assembly Resolution supporting President Obama's higher education initiatives.
Whereas, The benefits of higher education are numerous, and attainment of a college degree continues to be one of the leading indicators in predicting the economic and financial well-being of an individual; and
Whereas, According to the United States Bureau of Labor Statistics, in 2012, the median yearly income for a person with a baccalaureate degree was over $55,000, as compared to $34,000 for a person with just a high school diploma and $24,500 for a person with less than a high school diploma; and
Whereas, The bureau also reports that, nationally, people with a baccalaureate degree have a much lower rate of unemployment (4.5%) than people with just a high school diploma (8.3%) or with less than a high school diploma (12.4%); and
Whereas, Although access to higher education is a clear path to a healthy and vibrant middle class, which will help to spur the economy during the nation's slow economic recovery, the cost to attend college continues to skyrocket and many people simply cannot afford a college education; and
Whereas, According to the College Board, the average yearly tuition and fees to attend a public four-year institution of higher education is $8,655 for in-state students and $21,706 for out-of-state students, and the average yearly tuition and fees to attend an independent institution of higher education is $29,056; and
Whereas, The increasing cost to attend college has led to a record amount of student-borrowing, and according to the Consumer Financial Bureau, total outstanding student loans topped $1 trillion at the end of 2011, and reached $1.2 trillion as of May 2013; and
Whereas, Recognizing that a college education has never been more necessary and that it has never been more expensive, President Obama recently announced a proposed college-rating system that is designed to hold institutions of higher education accountable for their performance; and
Whereas, Under the President's proposed rating system, colleges will be scored on factors such as the opportunity they provide to students of diverse backgrounds, and on outcome-based factors such as graduation rate and whether students are graduating with manageable debt. Ultimately, an institution's rating will be directly tied to the amount of federal funding it receives; and
Whereas, The President's higher education initiatives also include encouraging colleges to embrace innovation, such as on-line courses, and the creation of partnerships between colleges and high schools to allow students to streamline their courses and thus graduate in less time and pay less in tuition; and
Whereas, While a "pay as you earn" program has already been implemented to cap loan repayments at 10% of a student's income after graduation from college to ensure students can effectively manage their loan debt and that such debt does not preclude them from moving forward with their lives, the President's higher education initiatives include extending this program to additional current and former students who are not presently eligible; and
Whereas, Access to higher education is critical to the economic and financial well-being of individuals and society as a whole, and attending college is something that every person in America should be able to afford; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey:
1. This House supports President Obama's higher education initiatives to: establish a college-rating system to hold institutions of higher education accountable for their performance; encourage colleges to embrace innovation and create partnerships between colleges and high schools to allow students to graduate in less time and pay less in tuition; and to extend the current "pay as you earn" student loan cap repayment program to additional current and former students who are not presently eligible.
2. Duly authenticated copies of this resolution, signed by the Speaker of the General Assembly and attested by the Clerk thereof, shall be transmitted to the President and Vice-President of the United States, the Majority and Minority Leaders of the United States Senate, the Speaker and Minority Leader of the United States House of Representatives, and every member of Congress elected from this State.
STATEMENT
This Assembly resolution supports President Obama's proposal to: establish a college-rating system that will hold institutions of higher education accountable for their performance; encourage colleges to embrace innovation and create partnerships between colleges and high schools; and extend the current "pay as you earn" student loan cap repayment program to additional current and former students who are not presently eligible.
Under the President's proposed rating system, colleges will be scored on factors such as the opportunity they provide to students of diverse backgrounds, and on outcome-based factors such as graduation rate and whether students are graduating with manageable debt. Ultimately, an institution's rating will be directly tied to the amount of federal funding it receives.
The President's higher education initiatives also include encouraging colleges to embrace innovation, such as on-line courses, and the creation of partnerships between colleges and high schools to allow students to streamline their courses and thus graduate in less time and pay less in tuition.
While a "pay as you earn" program has already been implemented to cap loan repayments at 10% of a student's income after college to ensure students can manage and afford the costs of higher education, the President's higher education initiatives include extending this program to additional current and former students who are not presently eligible.
The benefits of higher education are numerous, and attainment of a college degree continues to be one of the leading indicators in predicting the economic and financial well-being of an individual. The implementation of the President's proposals will make a higher education and its attendant benefits available to a greater number of this nation's citizens.
