MEASURE ALSO INCREASES MAXIMUM PELL GRANT AND AUTHORIZES NEW FUNDING FOR UPWARD BOUND PROGRAMS NOT FUNDED THIS YEAR

Washington, Sep 7, 2007 - "According to the U.S. Census Bureau, those with a bachelor's degree earn nearly $23,000 a year more than those with just a high school diploma," noted Rep. Cliff Stearns (R-Ocala).  "An educated population is essential to our nation's economic and national security, and I am pleased to join in approving the House and Senate agreement on H.R. 2669, the College Cost Reduction and Access Act."  The President is expected to sign this version.
Explained Stearns, "This legislation cuts interest rates in half on subsidized student loans over the next four years, saving the average student $4,400 over the life of the loan.  While making college more affordable, this legislation actually reduces government spending by trimming subsidies paid to lenders making student loans.  In addition, it increases the maximum Pell Grant scholarship to $5,400 over the next five years, up from $4,050 in 2006, and removes the restriction preventing community college students from receiving the maximum Pell Grant.  This bill also authorizes $228 million for Upward Bound programs that did not receive funding this year. And, H.R. 2669 extends the deferment period for repaying loans beyond three years for active duty members of the armed services."