Today, Campus Progress and other student advocacy organizations joined with Speaker of the House Nancy Pelosi and Rep. George Miller (D-CA), Chairman of the House Committee on Education and Labor, to highlight the student debt crisis and rally support for the Student Aid and Fiscal Responsibility Act (HR 3221), an unprecedented student aid bill that would boost grant aid by $40 billion. The House is expected to vote on the legislation this week.

“This landmark bill represents the largest ever investment in higher education, and comes at a time when college is becoming dramatically less affordable,” said Pedro de la Torre III, Advocacy Senior Associate at Campus Progress. “The reality is that higher education has become prohibitively expensive for too many talented young people. Additionally, the number of students graduating from college with more than $25,000 in student loan debt has grown almost five fold over the last twelve years. Through strengthening the Pell grant, investing in community colleges and minority serving institutions, and other measures, this legislation ensures that more young people will have the opportunity to attend college, gain skills that will boost our economy, and ease their own debt burdens.”

By cutting wasteful handouts to student loan companies and reinvesting the $87 billion in savings in making college more affordable and accessible, the bill would also make the financial aid system more efficient, and expand educational opportunity without contributing to the federal deficit.

In support of the Student Aid and Fiscal Responsibility Act, Campus Progress has launched Students Over Banks (studentsoverbanks.org), a campaign to educate young people about proposed reforms, and help them make their voices heard. In addition to providing young people with information about the legislation, the website offers profiles of some of the worst actors in the Federal Family Education Loan Program (FFELP), ways to take action online, and the latest news on college affordability issues. The campaign also features a video PSA which will be shown online and in select television markets in the coming weeks.

This Wednesday, Campus Progress, the United States Student Association, and the United States Public Interest Research Group are also hosting a national “Wall of Debt Day of Action.” During the day of action, college students on 100 campuses across the country will build debt walls, and take them to their local congressional offices. Students are also encouraged to get involved online by signing Facebook petitions. The petitions have over 40,000 signatures in total, and at least 10,000 students are expected to join in the action on the ground.