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Landmark Legislation to Help Millions of Students Pay for College

The federal government plans to spend more than $20 billion to help millions of students and their families pay for college.

And the best part is that no new taxes will be levied to fund the provisions of the new legislation.

Student financial aid received a major overhaul through H.R. 2669, a bipartisan bill that was recently signed into law by President Bush. This is the largest investment in financial aid since the 1944 G.I. Bill.

The long-awaited legislation means more money for eligible college students. These are highlights of the new law:

  • Pell Grants to lower and middle income students will increase from $4,310 to $5,400 over the next 5 years.
  • Interest rates on student loans will be cut by half over the next 4 years.
  • Monthly payments on federal student loans will be limited to an affordable amount.
  • College graduates who work in public service professions like teaching for at least 10 years will be eligible for student loan forgiveness.
  • Major subsidy cuts were made to banking and other institutions that fund federal student loans.
  • $750 million is allocated to reduce the federal budget deficit.

The new legislation affects students at both accredited online schools and traditional colleges.

Read more about the new education bill.

online schools, college students, financial aid, education bill, President Bush, education, G.I. Bill, Pell Grant, student loans

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