Wu bill to make college textbooks more affordable

February 08, 2008

U. S. CONGRESSMAN DAVID WU
OREGON 1ST DISTRICT
PRESS RELEASE: February 7, 2008

WU PASSES LEGISLATION TO MAKE COLLEGE TEXTBOOKS MORE AFFORDABLE

WASHINGTON, D.C. – Congressman David Wu today passed legislation that requires the college textbook industry to improve their business practices, a move that will bring transparency to the price of college textbooks, and subsequently, will make textbooks more affordable for students.

“It was tech-savvy students who discovered that their very same textbook sold overseas for half the price. I chose to take a long, hard look at this problem because we cannot afford to let college textbook prices become yet another hurdle to a college education,” said Congressman Wu. “It is a question of access, and more importantly, a question of fairness. What our students are experiencing is a classic broken market. Students are left out of the formula; they are the customer, but they don't get to choose the product. Through this legislation I hope to bring some transparency to the market.”

Since 2003, Congressman Wu has been working to find ways to reduce the cost of college textbooks. The legislation is the result of an effort to connect with students, bookstores, faculty and publishers around the country to better understand this problem at a campus level. It was through this positive process he discovered some best practices to implement nationwide that will bring down the cost of textbooks.

Publishers now will be required to share with faculty the textbook cost to students, to reveal the copyright dates of previous editions, to explain the extent of the revisions in new editions, and to unbundle the textbook from supplemental materials.

Colleges and universities must also make an effort to share required textbook information with students and college bookstores during class registration periods. The earlier students and bookstores know the course schedule and required materials, the more time they will have to locate used copies, which cost students and bookstores less.

Congressman Wu's work to pass legislation also follows the findings of a Government Accountability Office (GAO) report he commissioned in 2004 that confirmed textbook prices are increasing are a growing financial burden.

The GAO found that since 1986 textbook prices have nearly tripled, increasing by 186%. Overall inflation since this time increased by only 72%. For community colleges students, the cost of textbooks and supplies is 72% of overall tuition, and for students at 4-year public institutions, the cost is 26% of tuition.

Congressman Wu's legislation is part of the College Opportunity and Affordability Act (H.R. 4137), which reauthorizes the nation’s higher education programs. The legislation is the second major step that the new Congress has taken to make college more affordable and accessible for all students. Last year, Congress enacted into law a $20 billion increase in college financial aid over the next five years, the largest increase in student aid since the G.I. Bill of 1944.
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