By: Kala Kachmar
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-2nd), who is 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 UConn.
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."
"President Bush signing the bill was a direct result of young people like Trea getting involved in politics," Courtney said.
"Everyone should have the opportunity to go to college without a slew
of debts following them for the rest of their lives," said Alexis
Bogosian, a 5th-semester pathobiology and animal science double major.
"This financial aid expansion is a step in the right direction."
Since Connecticut's 2nd district is home to two state universities,
three community colleges and two private schools, Courtney said
financing higher education is a priority.
"The issue has been neglected by the administration and three
Congresses," Courtney said. "There has been under funding of basic
programs that students - poor and middle class - rely on for college."
From 2000 to 2006, there was a 40 percent increase in the cost of
private and public colleges. During this time period, the Pell Grant
was frozen at $4,000, Courtney said. The last Congress in office was
responsible for increasing Stafford loan interest rates.
"This has been a fight since the day we started in the first 100
hours," Courtney said. "It took determination and tenacity to get [the
bill] through."
This financial aid increase is the largest since the G.I. Bill was passed in 1944, Courtney said.
"It's nice to see our president do something for the greater good of Americans," Bogosian said.
"The republicans didn't do much to help students afford college," said
Dave Steuber, a 7th-semester political science, philosophy and
economics triple major, and president of the UConn College Democrats.
"This is the second bill that the Democrats have tried to pass since
the beginning of the year."
