Bush signs financial aid legislation
September 27, 2007 9:20 AM
President Bush signed a bill Thursday that would increase financial aid for low and middle-income college students.
Under the legislation, the maximum Pell Grant awarded to poorer college students will increase from the current $4,310 a year to $5,400 by the year 2012. The bill would also cut interest rates for federal student loans in half over the next four years.
Funding for the measure, estimated at $20 billion, will come from cuts in government subsidies to banks.
The bill overwhelmingly passed in both houses of Congress, by a 292-97 vote in the House and a veto-proof margin of 79-12 in the Senate.
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