Education Digest: Congressional act bolsters student aid

Congress will provide more than $17 billion for student financial aid in 2008, according to a news release from Sen. Pete Domenici, R-N.M.

A new law, named the College Cost Reduction and Access Act, restructuring the college aid program cuts private lender subsidies by about $19 billion and reduces interest on need-based loans to 3.4 percent.

The law will also make Pell grants more available to low-income students by easing elegibility requirements, the release said.

Education Digest is compiled by CNJ staff writer Gabriel Monte. He may be contacted at 763-6991, or by e-mail:

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