Cash for college
President Bush has done something most college students can cheer about. He signed the College Cost Reduction and Access Act, which overhauls the whole student-loan system. “I have the honor of signing a bill that will help millions of low-income Americans earn a college degree,” Bush said, according to the Maneater. “I love the fact that this country is dedicated to helping people who want to realize a dream.”
• Maximum Pell Grant awards will increase from the current $4,310 to $5,400 by 2012.
• Interest rates for Stafford Federal Student Loans will drop 0.5 percentage points.
• Interest rates for Federal Parent Loans for Undergraduate Students will drop 0.8 percentage points.
• Students who enter the public sector after college will have a tenth of student loan debt forgiven for each year they are not in school if they earn less than $65,000.
More people live in college dorms (2.3 million) than in prisons (2.1 million) in the U.S.