Durbin Applauds Senate Passage of Higher Education Access Act
Press Release
U.S. Senator Dick Durbin (D-IL) today applauded the Senate passage of the Higher Education Access Act late last night by a vote of 78 -17. The legislation would increase the amount of grant aid available for students nationwide. Students and parents in Illinois will benefit from over $850 million in new grant aid over the next six years - over $99 million is set to be available during the 2008-2009 school year.
"The cost to attend a public 4-year college has risen by 42% over the past five years causing severe hurdles for many American students," said Durbin. "I have been a strong supporter of increasing the maximum Pell grant to help both students and parents - not just those from poverty-stricken areas, but those who come from middle-income households, farm families and the families of recent immigrants. To keep America at the economic forefront in the 21st Century, we must recognize the value of investing in higher education and provide students with the assistance they need to compete in the global economy."
The legislation not only increases the total amount available to all students in grant aid through grants, but also increases the Pell Grant maximum award amount for each student from $4,310 in 2007-2008 to $5,100 in 2008-2009. The Pell Grant maximum will further increase to $5,400 by 2011. Additionally, the bill will cap monthly student loan payments at 15 percent of a student's discretionary income and forgive any balance after 25 years of repayments at that level. The increases in student aid in this bill are achieved by reducing the federal subsidy payments to lenders.
Senator Durbin has been a leader in the effort to reduce college cost for hardworking students and families. In March 2007, he introduced the College Textbook Affordability Act to help students manage costs by requiring publishers and colleges receiving federal assistance to print the price of textbooks and supplemental materials in the course schedule so students could take that into account when selecting classes. In January 2007, Durbin, along with Congressman George Miller (D-CA), reintroduced legislation to cut interest rates in half on college loans for undergraduate student borrowers with the most financial need.
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