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Student Leaders Celebrate Historic Vote to Boost College Affordability
The United States Student Association (USSA) celebrates the College Cost Reduction Act of 2007 (H.R. 2669), which passed in the House on Wednesday and empowers students to fulfill their higher education goals by re-focusing financial support on students rather than big lenders.
Key provisions of the bill increase support for the Pell Grant, which has been stagnant for the past five years and provides access to higher education for millions of families. In addition, the bill cuts student loan interest rates in half and expands loan forgiveness programs for borrowers who pursue public service careers, easing the burden for students graduating with unmanageable debt.
The College Cost Reduction Act passed by a vote of 273 -149. Champions of the bill see this vote as an integral first step to making college affordable for every qualified student and are urging the Senate to pass similar legislation this summer.