Committee on Education and Labor - U.S. House of Representatives
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College Cost Reduction and Access Act

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2007 CMF Bronze Mouse Award

College Cost Reduction and Access Act

Committee Focus

College Affordability & Accessibility
Worker Safety & Health
No Child Left Behind
Employee Free Choice
Raise the Minimum Wage

State by State Benefits for Students After the First Rate Reduction on
July 1, 2008

 

State
Number of Subsidized Loan Borrowers at 4-Year Institutions (2004-2005)

Average Subsidized Stafford Loan Debt for 4-Year Graduate
Savings for the Average Student Starting School in 2008 over the Life of the Loan

AK
5,119

$12,854

$2,390

AL

62,996

$13,572
$2,530

AR
39,385

$13,022
$2,420

AZ
33,049

$14,801
$2,750

CA
228,489

$15,125
$2,820

CO
45,588

$13,455
$2,500

CT
33,567

$14,263
$2,660

DC
16,437

$14,611
$2,720

DE
9,534

$13,927
$2,590

FL
125,475

$13,663
$2,540

GA
83,942

$13,234
$2,460

HI
8,752

$14,321
$2,660

IA
53,285

$13,944
$2,590

ID
26,305

$13,221
$2,460

IL
128,765

$14,111
$2,630

IN
94,267

$12,967
$2,410

KS
42,932

$13,827
$2,570

KY
46,963

$13,026
$2,420

LA
68,261

$13,077
$2,430

MA
98,990

$13,994
$2,600

MD
48,484

$14,096
$2,620

ME
21,210

$13,173
$2,450

MI
143,699

$13,256
$2,470

MN
67,468

$13,480
$2,510

MO
82,921

$13,305
$2,480

MS
36,603

$14,640
$2,730

MT
16,212

$12,587
$2,340

NC
92,244

$13,332
$2,480

ND
17,358

$12,890
$2,400

NE
28,021

$13,248
$2,470

NH
20,317

$13,853
$2,580

NJ
61,221

$14,367
$2,670

NM
20,899

$12,792
$2,380

NV
10,545

$13,655
$2,540

NY
243,696

$14,276
$2,660

OH
173,312

$13,495
$2,510

OK
47,528

$13,535
$2,520

OR
40,721

$14,832
$2,760

PA
211,832

$13,866
$2,580

RI
19,649

$13,822
$2,570

SC
48,433

$14,301
$2,660

SD
19,727

$13,122
$2,440

TN
67,410

$13,886
$2,580

TX
205,508

$14,233
$2,650

UT
35,000

$12,988
$2,420

VA
73,696

$13,842
$2,580

VT
13,575

$13,671
$2,550

WA
47,631

$14,594
$2,720

WI
75,905

$13,379
$2,490

WV
35,194

$12,579
$2,340

WY
3,904

$13,836
$2,580

U.S.
3,301,841

$13,821
$2,570

Source: U.S. PIRG

 

State by State Benefits for Students Once the Rate Reduction is Fully Phased In (As of July 1, 2011)

 

State
Total increase in loan and Pell aid to students and families over 5 years*

Interest rate cut savings PER STUDENT over the life of the loan at 4-year school (once fully phased in)
Total Number of Students Who Receive the Pell Grant 

AK
$25,010,000

$4,110

4,818

AL

$540,194,000

$4,340

102,443

AR
$308,888,000

$4,170

58,536

AZ
$1,198,858,000

$4,730
212,968

CA
$3,034,928,000

$4,830
574,226

CO
$465,959,000

$4,310

83,566

CT
$217,043,000

$4,560
38,698

DC
$170,247,000

$4,680

19,664

DE
$51,402,000

$4,460
9,217

FL
$1,505,013,000

$4,370

300,621

GA
$859,007,000

$4,230

179,861

HI
$62,348,000

$4,580
11,528

IA
$430,355,000

$4,460
78,855

ID
$159,419,000

$4,230

30,105

IL
$1,212,459,000

$4,510
211,882

IN
$707,953,000

$4,140

139,985

KS
$282,419,000

$4,420

52,409

KY
$433,109,000

$4,170
82,447

LA
$479,452,000

$4,180

94,109

MA
$522,318,000

$4,470
77,196

MD
$370,576,000

$4,510
69,868

ME
$105,062,000

$4,210

19,035

MI
$921,601,000

$4,240
180,247

MN
$482,555,000

$4,310

76,530

MO
$596,737,000

$4,250

105,620

MS
$400,755,000

$4,680

76,554

MT
$95,840,000

$4,680

17,185

NC
$770,979,000

$4,270

146,917

ND
$78,578,000

$4,120

13,623

NE
$158,075,000

$4,240

28,679

NH
$85,113,000

$4,430
13,605

NJ
$549,393,000

$4,600
103,953

NM
$201,274,000

$4,090

42,096

NV
$84,107,000

$4,370

16,876

NY
$2,217,665,000

$4,570
378,883

OH
$1,102,568,000

$4,320
204,024

OK
$401,136,000

$4,330

77,576

OR
$351,223,000

$4,740
62,368

PA
$1,177,961,000

$4,440
186,323

RI
$127,454,000

$4,420

21,590

SC
$395,164,000

$4,580

77,145

SD
$92,482,000

$4,200

16,725

TN
$549,634,000

$4,440

104,012

TX
$2,175,219,000

$4,550
427,159

UT
$290,591,000

$4,160

60,848

VA
$544,536,000

$4,430
98,486

VT
$60,884,000

$4,370

8,584

WA
$442,190,000

$4,670

85,236

WI
$384,752,000

$4,280

67,945

WV
$210,298,000

$4,020

37,297

WY
$50,318,000

$4,420

8,544

*Estimates of student loan reform and additional eligibility for Pell Grant aid based on estimates of current state allocation. Estimates include additional increases in discretionary funding for the Pell Grant scholarship.

Info for Students

Related News

11/25/2008
Chairman Miller Statement on Treasury Proposal to Boost Student Lending

6/30/2008
Chairmen Miller & Kennedy: Beginning Tomorrow, Millions of Students Will Have Access to Cheaper Interest Rates on College Loans

6/26/2008
Starting July 1, Students Could See Significant Savings on Federal College Loans, Say Democratic Lawmakers

6/25/2008
Chairman Miller Statement on FTC’s New Consumer Guide on Student Lenders’ Deceptive Marketing Practices

5/16/2008
Miller, Kennedy Call for GAO to Monitor Administration's Efforts to Ensure Continued Access to Federal Student Loans