Bush signs College Cost Reduction Act
by Kala Kachmar | The Daily Campus (University of Connecticut)
Issue date: 10/3/07 Section: News
(U-WIRE) WASHINGTON — President Bush signed the College Cost Reduction and Access Act into law Thursday, after Congress put up a nine-month battle to pass the legislation that will increase financial aid for college students.
The law increases the maximum federal Pell Grant award from $4,050 to $5,400 over the next five years and more students will be eligible for the grant, according to U.S. Rep. Joe Courtney (D-Conn.), a member of the Committee on Education and Labor.
The overall Pell Grant increase in Connecticut will be approximately $217 billion over five years, according to Brian Farber, communications director for Courtney.
The law also cuts interest rates on Stafford loans from 6.8 percent to 3.4 percent and offers loan forgiveness for those who go into public service jobs for 10 years, Courtney said in a telephone conference.
In addition, the law offers tuition assistance for undergraduate students who agree to teach in the public school system, according to a press release from Courtney's office.
"The passing of the College Cost Reduction and Access Act affirms that the legislature is committed to assisting students finance their education," said Jean Main, director of financial aid at the University of Connecticut.
Funding for the financial aid increase will come from cutting subsidies from private lenders, not by raising taxes, Courtney said.
Trea McPherson, a 7th-semester political science major, was invited to speak at a press conference about the bill in Washington D.C. after working against the 2005 financial aid budget cuts. He also attended a press conference earlier in the month.
"I was promoting the bill as the voice of the students," McPherson said.
McPherson also worked for CONNPIRG on the campaign to get out the vote during last year's election.
"UConn made a big difference in Courtney's election," McPherson said. "Part of his platform was higher education."
The law increases the maximum federal Pell Grant award from $4,050 to $5,400 over the next five years and more students will be eligible for the grant, according to U.S. Rep. Joe Courtney (D-Conn.), a member of the Committee on Education and Labor.
The overall Pell Grant increase in Connecticut will be approximately $217 billion over five years, according to Brian Farber, communications director for Courtney.
The law also cuts interest rates on Stafford loans from 6.8 percent to 3.4 percent and offers loan forgiveness for those who go into public service jobs for 10 years, Courtney said in a telephone conference.
In addition, the law offers tuition assistance for undergraduate students who agree to teach in the public school system, according to a press release from Courtney's office.
"The passing of the College Cost Reduction and Access Act affirms that the legislature is committed to assisting students finance their education," said Jean Main, director of financial aid at the University of Connecticut.
Funding for the financial aid increase will come from cutting subsidies from private lenders, not by raising taxes, Courtney said.
Trea McPherson, a 7th-semester political science major, was invited to speak at a press conference about the bill in Washington D.C. after working against the 2005 financial aid budget cuts. He also attended a press conference earlier in the month.
"I was promoting the bill as the voice of the students," McPherson said.
McPherson also worked for CONNPIRG on the campaign to get out the vote during last year's election.
"UConn made a big difference in Courtney's election," McPherson said. "Part of his platform was higher education."
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