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House Passes Student Aid Bill

House, After Senate, Passes Bill Cutting Lender Support

 

Angela Januzzi

July 12, 2007

 Three weeks after the Senate passed a set of measures which would cut government subsidies to loan companies, the House of Representatives also did the same. Supporters say the “budget reconciliation” bill, H.R. 2669, will allow the government to use the savings to instead increase federal grants to students. The majority of those supporting the bill were Democrats, but the criticisms of opposing Republicans questioned the extremeness of the subsidy cuts, along with the lack of money actually allocated to the grant programs taken from the $19million in savings.Major features of the legislation include:
  • An increase the maximum Pell Grant to $5,200 by 2001-12.
  • A cut in the interest rate on federally subsidized student loans in half, to 3.4 percent, by 2012-13.
  • A lifting of limits on how much an individual student can borrow from the federal loan programs, in hopes of decreasing borrowers’ dependence on private and usually more expensive loans.
  • The implementation of a new grant program for student teachers. (See the June 22nd, 2007 blog here.)
Despite the legislation’s success in both houses, however, the majority vote was not strong enough to avoid the threat of  a possible veto of the bill by President Bush. 

Source: Lederman, Doug. “Raucous House Passes Student Aid Bill.” www.insidehighered.com. Posted: July 12, 2007.

 

Submitted by patrick.sutton on July 12, 2007 - 9:13am in
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