On July 11th, the U.S. House of Representatives passed the "College
Cost Reduction Act of 2007" (HR 2669) by a vote of 273-149. The bill
will substantially increase the purchasing power of the Pell Grant, the
nation's premiere need-based grant program which benefits millions of
low income students, increasing the maximum grant amount by $100 for
five years beginning in 2008-9. It will make student loan debt more
affordable by cutting the interest rate on student loans in half, to
3.4%, by 2012, and by capping loan repayment amounts to a reasonable
percentage of a graduate's income. HR 2669 goes a long way toward
solving the college affordability and access crisis in the country.
