| The College Cost Reduction and Access Act : Making College More Affordable
| Who Benefits from the College Cost Reduction and Access Act?
6.8 million students who take out need-based federal student loans each year will see the interest rates on their loans halved over the next four years, saving the typical borrower $4,400.
About 5.5 million students who receive Pell Grant scholarships each year will see an immediate increase of $490 in their maximum Pell scholarship in the next year alone, and an increase of $1090 over the next five years.
Public servants will receive complete loan forgiveness after 10 years of service - assisting those in the military, first responders, law enforcement, firefighters, nurses, public defenders, prosecutors, and early childhood educators.
Learn more>> |
 As the cost of a college education continues to rise across our country, this week the New Direction Congress sent historic college aid legislation to the President's desk for his signature. The College Cost Reduction and Access Act makes college more affordable and provides the single largest investment in college financial assistance since the 1944 GI Bill, at no new cost to taxpayers. The Democratic-led Congress is working on behalf of America's young people-making college more affordable, ensuring better pay and better jobs, and working to reduce global warming and bring an end to the war in Iraq.
No one should be denied the opportunity to go to college simply because of the price, yet unfortunately, that has been what many American young people and families have been forced to do. Each each year nearly 200,000 students are holding off going to college, or skipping it altogether, because they cannot afford it.
The dream of a college education is one that all Americans are entitled to. This legislation makes an historic investment in America's college students, our economic competitiveness, and our future.
- Strengthens the Middle Class by Making College More Affordable
Cuts interest rates in half on subsidized student loans over the next four years
- Increases the Purchasing Power of the Pell Grant Scholarship
Increases the maximum Pell Grant scholarship by $490 next year and at least $1,090 over the next five years, ultimately reaching a maximum scholarship of at least $5,400 by 2012.
- Ensures a Highly Qualified Teacher in Every Classroom
Provides upfront tuition assistance to qualified undergraduate students who commit to teaching in public schools in high-poverty communities or high-need subject areas.
- Encourages and Rewards Public Service
Provides public servants loan forgiveness after 10 years of public service and loan repayment for military service members, first responders, law enforcement officers, firefighters, nurses, public defenders, prosecutors, early childhood educators, librarians, and others.
- Makes Historic New Investments in Minority-Serving Institutions
Makes a landmark new investment of $510 million over five years in Historically Black Colleges and Universities, Hispanic-Serving Institutions, Tribal Colleges, Alaska Native and Native Hawaiian institutions, and the newly designated Predominantly Black Institutions and institutions serving Asian Americans and Pacific Islanders and Native American students - to ensure that students will not only enter college, but remain and graduate.
- Encourages State and Philanthropic Participation in College Retention and Financing
Establishes a partnership among federal, state and local government entities and philanthropic organizations through matching challenge grants aimed at increasing the number of first generation and low-income college students.
Read the 110th Congress' Progress Report for Young Americans >>
College Cost Reduction and Access Act: State by State Benefits for Students >>
|
|
