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Thursday, September 27, 2007
College Loan Bill Enacted
The President has signed the College Cost Reduction and Access Act of 2007 (summary)!
The act gradually raises the maximum Pell Grant, which helps low-income students pay for college, to $5,400 by 2012, from $4,050 in 2006. And it cuts interest rates in half for subsidized college loans over the next five years. The nearly $20 billion in new funding is all paid for without tax increases, because the bill cracks down on excessive subsidies to the student loan industry.
Posted by Matt Lewis
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