The College Cost Reduction Act of 2007

Federal Loan Consolidation
Private Loan Consolidation
Bar Loans
Law School Tuition Loans
Government Relations
School Partnership Program
My Account
About us

Account Login
User Name:
Password:


Forgot your User name or Password? New users: Register Today!

Student Loan Consolidation Exclusively for Attorneys and Law Students

The College Cost Reduction Act of 2007

By Shaileja Mammen

The College Cost Reduction Act of 2007 introduced by U.S. Rep. George Miller (D-CA), chairman of the House Education and Labor Committee, proposes the largest investment in college education since the 1944 GI Bill, according to the committee's website. If passed, this legislation will help students and families pay for college at no extra cost to U.S. taxpayers.

The legislation provides for almost $20 billion in additional funding over the next five years for college education. The funds would be raised by reductions in federal subsidies to lenders in the education loan industry. The legislation also includes provisions to reduce the federal budget deficit by $750 million.

The maximum Pell Grant would increase by $500 to $5,200 over the next five years. The objective of this provision is to eliminate the gap between the maximum Pell Grant and tuition in order to assist more low- and moderate-income students.

A reduction of interest rates by half on need-based student loans has also been proposed. Other provisions include tuition assistance for excellent undergraduates who agree to teach in public schools, loan forgiveness for graduates who go into public service, increased federal loan limits to reduce dependence on expensive private loans, and new tuition cost-control measures.

Proponents of the legislation argue that it will be an investment in America's college students and increase U.S. economic competitiveness. The legislation will make college more affordable for the middle class by cutting interest rates, controlling tuition costs, and reducing dependence on expensive private loans by increasing federal loan limits. The increase in the maximum Pell Grant and a widening of eligibility criteria will enhance the purchasing power of Pell Grants.

Students' commitments to serve as law enforcement officers, firefighters, nurses, public defenders, prosecutors, early childhood educators, and librarians will also be rewarded through loan forgiveness. Additionally, the legislation attempts to increase the number of first-generation, low-income college students by encouraging philanthropic organizations to participate in partnerships with federal, state, and local government entities.

	Article Title : The College Cost Reduction Act of 2007
	Comment not found for this article.


	+ Consolidate Your Private or Federal Student Loans Now! (Save Thousands!!)

Up-to-date information is outdated information.

Get it up-to-the-minute from Law School Loans.

At Law School Loans, America's top law school lender, we employ some of the best financial advisers and finance journalists in the student lending industry. Be sure you're getting the most accurate data from the most trusted source, and stay up-to-the-minute on your own student loans!

Just use the RSS feed below and add this to any of the channels you use to receive blogs, podcasts, and other syndicated material.

Click here to sign up for our weekly Newswire now!


Your Name:		Your E-mail Address:
		We respect your privacy.

Friend's name:		E-mail address:






Include a Message:


		+ Privacy Policy

Free Ebook With All Registrations

Thanks to Law School Loans, I was not only able to lock in a low-interest rate, but also reduce it through their payment incentives, something that I was told by my current lender was impossible. The reduction in my interest rate saved me $40,123 in unnecessary interest.
- Sherman S. Daytona Beach, FL

5 Most Dangerous Trends of Student Loan Companies

	Your Federal Benefits
	If you are still in-school, you may reserve your consolidation for graduation with Law School Loans. By signing and returning your application now, you will be guaranteed the current low rates on your consolidation, and you will not have to think about your consolidation again until you enter repayment.