On October 15, the House approved, by voice vote, a resolution (H. Con. Res. 270) affirming congressional support for the goals and ideals of College Savings Month.
Sponsored by Rep. Mike Rogers (R-MI), the resolution states that, since 1982, the increasing cost of postsecondary education has exceeded the rate of increase of inflation, public assistance to students, and family income. It declares that many states and the federal government have offered tax incentives to encourage parents to save for their children’s education expenses. Finally, the resolution notes that the National Association of State Treasurers and the College Savings Plan Network have asked Congress to designate September as College Savings Month in order to raise public awareness about the need to save for educational expenses.
Noting that possession of a college degree has become increasingly imperative for young people to compete in the national workforce, Rep. Steve LaTourette (R-OH) lamented that, “at the same time, the cost of undergraduate college continues to rise at a faster rate than inflation.” He pointed out that a number of options exist to help students and their families pay for college, including tax-deferred investment opportunities, low-interest loans, and scholarships. “Hopefully, the House’s consideration of this resolution will encourage all future college students, and parents of future college students, to fully explore all such options,” he concluded.
Rep. Diane Watson (D-CA) also supported the resolution, stating, “The steadily increasing costs of college education should not stop America’s youth from reaching their goals and aspirations.”
