On Spetember 27th, 2007, President Bush signed the College Cost Reduction and Access Act of 2007, which will make college more affordable for low-income students by increasing funding for Federal Pell Grants by more than $11 billion.

The Pell Grant program helps ensure low-income students have access to higher education by providing need-based grants to help students meet education costs. The bill the President signed today will expand this program by increasing funding for Pell Grants by $11.4 billion over the next five years and allowing the maximum Pell award to increase from $4,310 in 2007 to $5,400 by 2012.

* Since 2001, the Administration has increased funding for Pell Grants by nearly $5 billion dollars. The number of students receiving Pell Grants has increased by more than one million since the President took office. In addition, President Bush last year signed legislation creating Academic Competitiveness and SMART Grants to further reward Pell Grant-eligible students who completed rigorous high school programs of study, or who are majoring in math, science, engineering, or critical foreign languages.

* The President has proposed expanding Pell Grants even further, and the bill he signed today brings us closer to his goal. The President’s 2008 Budget asked Congress to increase funding for Pell Grants by $15.3 billion over the next five years. The President also proposed increasing the maximum annual Pell award to $5,400 over the next five years and making Pell Grants available year-round.
* The legislation also helps ease the burden on our men and women in uniform who have taken out loans for a higher education. Those on active duty military will now have new flexibility to defer payments on their loans, and service members who are leaving to return to civilian life will be able to defer their loan payments for over one year after they return home.

From:http://home.businesswire.com

Get a Student Loan Consolidation Today!