H.R. 2669: College Cost Reduction Act
September 7, 2007
On Friday September 7th, the House passed the Conference Report on H.R. 2669: College Cost Reduction Act. This Conference Report fulfills one of the promises that the Democratic Congress made in January. It makes college more affordable by increasing tuition assistance for higher education by approximately $20 billion over the next 5 years.
Specifically, it increases the maximum Pell Grant award by $490 in 2008 and will build to an increase of at least $1,090 over the next 5 years. H.R. 2669 cuts interest rates in half for subsidized student loans over 4 years and allows students to cap federal loan repayments at 15% of their discretionary income. It also expands eligibility requirements so that more students are able to access financial aid while providing for loan forgiveness after ten years of public service.
I voted YES. The Conference Report passed the House and Senate, and the President has said that he will sign it into law.
Contact: Alison M. Mills (617) 621-6208
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