Pelosi Statement on President Signing Landmark College Student Financial Aid Bill

Sep 27, 2007
Press Release

Pelosi Statement on President Signing Landmark College Student Financial Aid Bill

Thursday, September 27, 2007

Contact: Brendan Daly/Nadeam Elshami, 202-226-7616

Washington, D.C. â€" Speaker Nancy Pelosi issued the following statement today after President Bush signed into law the College Cost Reduction and Access Act of 2007:

“The College Cost Reduction and Access Act is the New Direction Congress’ down payment on the American dream for millions of families.

"We have delivered on our promise to make college more affordable by increasing the maximum Pell Grant to $5,400 and cutting student loan interest rates in half, all at no new cost to American taxpayers. Thanks to this legislation, students across this country will take on less college loan debt while in school and all graduates will pay smaller student loan bills when they enter the workforce.

“By boosting college financial aid by roughly $20 billion over the next five years â€" the largest investment in student financial aid since passage of the GI Bill in 1944 â€" the College Cost Reduction and Access Act will help foster the next great generation of American leaders. I am pleased that President Bush has signed this essential legislation into law.”