On July 11th, the U.S. House of Representatives passed the "College Cost Reduction Act of 2007" (HR 2669) by a vote of 273-149. The bill will substantially increase the purchasing power of the Pell Grant, the nation's premiere need-based grant program which benefits millions of low income students, increasing the maximum grant amount by $100 for five years beginning in 2008-9. It will make student loan debt more affordable by cutting the interest rate on student loans in half, to 3.4%, by 2012, and by capping loan repayment amounts to a reasonable percentage of a graduate's income. HR 2669 goes a long way toward solving the college affordability and access crisis in the country.
