Blacknbengal
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College students get a break on costs
Paying for an education? Here's what new student-loan legislation means to your pocketbook.
New federal legislation will make college more affordable by directing federal money to students instead of to student lenders.
The College Cost Reduction and Access Act of 2007 increases funding for financial aid, offers tuition assistance for students who plan to teach and helps struggling graduates repay their student loans.
Lawmakers freed up money for the changes by cutting federal subsidies to student-loan companies by $20 billion. President Bush signed the bill into law Thursday.
Here's how students will benefit:
Need-based aid. For families that qualify for financial aid, the news is doubly good. Pell Grants, awarded to students with high need, will climb to a maximum of $5,400 per year over the next five years from the current $4,310. Students who qualify for the maximum will receive the first increase, of $490, in 2008-09, bringing the total that year to $4,800
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Paying for an education? Here's what new student-loan legislation means to your pocketbook.
New federal legislation will make college more affordable by directing federal money to students instead of to student lenders.
The College Cost Reduction and Access Act of 2007 increases funding for financial aid, offers tuition assistance for students who plan to teach and helps struggling graduates repay their student loans.
Lawmakers freed up money for the changes by cutting federal subsidies to student-loan companies by $20 billion. President Bush signed the bill into law Thursday.
Here's how students will benefit:
Need-based aid. For families that qualify for financial aid, the news is doubly good. Pell Grants, awarded to students with high need, will climb to a maximum of $5,400 per year over the next five years from the current $4,310. Students who qualify for the maximum will receive the first increase, of $490, in 2008-09, bringing the total that year to $4,800
Rest of Story