| Bush Joins Congress by Signing Largest Investment in College Aid Since GI Bill
Thursday, September 27, 2007
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Washington, D.C. – House Majority Whip James E. Clyburn released the following statement in response to President Bush signing the College Cost Reduction Act (HR 2669) into law.
“I’m pleased the President joined Congressional Democrats today in supporting a sound initiative that makes the largest investment in higher education and college aid programs since the Montgomery GI bill.
“The College Cost Reduction Act is a part of the Congressional Democrats ‘Six for 06’ legislative agenda that establishes a New Direction for America. The Democratic Congress has sent the president five of our priorities in our ‘Six for 06’ agenda, showing our commitment to ensuring a better and brighter future for our nation.
“America’s progress depends on the success of our youth. The College Cost Reduction Act provides our youth with access to an affordable education and the resources they need to become our nation’s rising scholars and future leaders.”
The bill signed into law today increases the maximum Pell Grant scholarship by $1,090 over the next five years, so that the maximum value of the grant will reach $5,400 by 2012. In addition, the bill cuts in half interest rates on need-based federal student loans from 6.8 percent to 3.4 percent over four years. The bill also provides $170 million in grants for HBCUs over the next five years. Finally, it creates a new designation of Predominantly Black Institutions—defined as schools that enroll students in financial need and have at least 40 percent African-American student enrollment. These schools will be eligible to receive $30 million in grant aid over five years for programs in the fields of science, technology, engineering, health education, teacher education, and programs geared towards improving the educational outcomes of African-American males.” (More details on HR 2669) (Benefits by state) |
