I am deeply grateful for the invitation to talk with you today about the variety of proposals designed to assist students and their families with college expenses. My name is Lawrence J. DeNardis and I am president of the University of New Haven. The University of New Haven is an independent, comprehensive university located in southern Connecticut at the gateway to New England. Our focus is to prepare both traditional and returning students for successful careers and productive, self-reliant and ethical service to our local and global society. The tax proposals before you, when viewed together, illustrate a central point that I want to leave with you today.
Families plan for and pay college expenses in very different ways, and over a number of years.
For example, they may save money while their children are young in anticipation of their children's education. They may tighten their belts to pay college expenses while their children are in college, and they may have to borrow to meet these expenses. The benefits to society fully justify the modest sharing of these burdens between families and the federal government. On a bipartisan basis, members have introduced legislation to encourage Americans to save, not just for their retirement, but also for future college expenses. For example, taxpayers would be allowed to establish a new type of savings plan, using after-tax dollars.