College Cost Reduction Act of 2007
The College Cost Reduction and Access Act of 2007 (H.R. 2669) will provide the single largest investment in higher education since the GI bill. And it will do so at no new cost to taxpayers, by cutting excess subsidies paid by the federal government to lenders in the student loan industry.
The bill will cut interest rates in half on subsidized student loans over the next five years.
Student loan payments will be made more manageable for borrowers by guaranteeing that borrowers will not have to pay more than 15 percent of their discretionary income in loan repayments, and allowing borrowers in economic hardship to have their loans forgiven after 20 years.
Federal loan limits will be increased to provide borrowers with additional assistance in paying for college and to help them rely less on costlier private loans.
The maximum Pell Grant scholarship will be increased to a maximum of $5,400 over the next five years, up from $4,300 now.
Eligibility limits will be expanded to include and serve more students with financial need.
The bill will provide upfront tuition assistance to qualified undergraduate students who commit to teaching in public schools in high-poverty communities or high-need subject areas.
Technorati Tags: Financial Aid Paying for College Pell Grants College LoansCollege Cost Reduction Act
The College Cost Reduction and Access Act of 2007 (H.R. 2669) will provide the single largest investment in higher education since the GI bill. And it will do so at no new cost to taxpayers, by cutting excess subsidies paid by the federal government to lenders in the student loan industry.
The bill will cut interest rates in half on subsidized student loans over the next five years.
Student loan payments will be made more manageable for borrowers by guaranteeing that borrowers will not have to pay more than 15 percent of their discretionary income in loan repayments, and allowing borrowers in economic hardship to have their loans forgiven after 20 years.
Federal loan limits will be increased to provide borrowers with additional assistance in paying for college and to help them rely less on costlier private loans.
The maximum Pell Grant scholarship will be increased to a maximum of $5,400 over the next five years, up from $4,300 now.
Eligibility limits will be expanded to include and serve more students with financial need.
The bill will provide upfront tuition assistance to qualified undergraduate students who commit to teaching in public schools in high-poverty communities or high-need subject areas.
Technorati Tags: Financial Aid Paying for College Pell Grants College LoansCollege Cost Reduction Act
posted by Ken MacKenzie at
10:51 PM
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