Maximum Pell grant would increase from $4,310 to $5,400 a year by 2012
September 8, 2007 - 12:57pm
By The Associated Press
WASHINGTON (AP) - Congress sent President George Bush legislation yesterday to boost financial aid for college students by cutting some $20 billion in government subsidies to banks that make student loans.
Bush has indicated he will sign the legislation, despite previous objections to parts of the bill. Specifically, the administration has criticized a student loan interest-rate cut and a new loan-forgiveness program, among other things.
House Democrats had made the popular interest-rate cut a priority during the run-up to the last election in which they regained control of Congress.
The House voted 292-97 for the student aid bill yesterday. Earlier in the day, the Senate approved the measure 79-12. All the lawmakers who voted against the bill were Republicans.