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Financial Aid Bill Passes Senate

The Senate has just passed a bill to provide the largest increase in financial aid to college students since the G.I. bill of 1944. The House recently passed the Cost Reduction Act of 2007; and a compromise of the two bills will be formulated for passage into law.

President Bush has threatened to veto the bill in its current form, emphasizing that the majority of aid in its proposal benefits students who are out of school, rather than targeting low and middle-income students who need additional financial aid to complete their college education.

Highlights of the current bill are as follows:

  • an increase in aid to Pell Grant recipients
  • student loan repayment to be capped at a percentage of the student’s income
  • loan forgiveness for public service professionals after making 10 years of payments
  • a repayment of $700 million toward the federal deficit

Rather than raising taxes, the provisions of the bill would be funded by cutting approximately $18 billion in government subsidies from banks that issue federally-backed student loans. The Senate bill does not include a lowering of student loan interest rates for low and middle-income students.

Senator Edward Kennedy indicated that the fine-tuning of the bill between the Senate and House is expected to be seamless. It is possible that the bill will become law by the beginning of the fall semester 2007 if it meets with White House approval.

financial aid, Senate, House, college, Pell Grant, student loan, student loan repayment, White House, President Bush, Edward Kennedy, fall semester, federal deficit, student loan, G.I. Bill of 1944, public service professionals

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Posted by vida

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