Cornyn-Backed Bill to Increase Funding For Low-Income College Students Becomes Law

Statement

Cornyn-Backed Bill to Increase Funding For Low-Income College Students Becomes Law

U.S. Sen. John Cornyn, R-Texas, issued the following statement regarding the College Cost Reduction and Access Act of 2007, which was signed into law by President Bush today:

"Today marks an important investment in the education and future of young people in Texas," Sen. Cornyn said. "I was pleased to support this increase in Pell Grant funding that will go directly to low-income students who are taking ownership of their future and seeking a college degree. The Pell Grants are crucial to helping students determined to overcome financial hardships at home and earn their slice of the American dream through hard work and higher education.

"I am encouraged by the initiative that Texas college students are taking, and I will continue to support policies that broaden access to quality education for all Texans."

Sen. Cornyn is committed to helping students afford the cost of higher education through grants and financial assistance. From fiscal years 1999 to 2006, average tuition and fees at public universities have increased 95.5%. Average tuition and fees at community colleges have increased 71.5%. An average graduate of a four-year public university in Texas graduates with $14,233 in student loan debt.

By way of the new law, Texas Pell Grant recipients will receive a $490 increase next year, and students with federally subsidized loans will see interest rates cut in half by 2011.

The College Cost Reduction and Access Act of 2007 will also help to ease the burden of college tuition for our men and women in uniform. Active-duty military will be able to defer payments on their loans, and those returning to civilian life, will now have at least a year-long deferment period upon returning home.

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