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College Cost Reduction and Access ActE-NewsletterSearch |
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No New Cost to TaxpayersThe College Cost Reduction and Access Act of 2007 will benefit students and families at no new cost to taxpayers, by cutting excess subsidies paid by the federal government to lenders in the student loan industry. Four of the six offsets were already approved by the House this year, when it overwhelmingly voted to pass the College Student Relief Act of 2007 (H.R. 5) in January. In the past few years, student lenders have greatly increased their efficiencies through market-driven mechanisms; however, the government operation and subsidization of the programs have not changed. This imbalance has resulted in greater profits for lenders rather than decreased costs for the taxpayers. Under the College Cost Reduction and Access Act, lenders will still yield a profit, and all savings will be returned to students with reduced interest rates on loans, increased grant aid, and lower college costs.
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