Press Releases
College Cost Reduction and Access Act Signed Into LawAlaska Sees Large Increases in Student Aid
Washington, D.C.,
September 28, 2007
Alaskan Congressman Don Young is pleased to announce that the College Cost Reduction and Access Act was signed by the President into law yesterday. This piece of legislation contains a provision which can benefit public service employees. The law forgives outstanding education debt for public service employees who have made ten years of monthly payments on their loans while serving full time in government, public education or other public service positions. The College Cost Reduction and Access Act will provide the single largest increase in college aid since the GI bill, and will do so without new cost to taxpayers. Specific to Alaska, the total increase in loan and Pell aid to students and families, over five years will be $25,010,000. The interest rate cut savings per student over the life of the loan at a four year school will be $4,110. The total number of students receiving the Pell grant will be increased to 4,818. For more information, visit: http://edlabor.house.gov/micro/ccraa.shtml http://edlabor.house.gov/college/
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