“With our economy putting enormous financial strains on Americans and tuition prices continuing to soar, these new financial aid benefits could not be coming at a more critical time for college students,” said Rep. George Miller, D-Calif., the chairman of the House Education and Labor Committee.
According to the report, the median family income of a subsidized Stafford loan borrower is $45,000, and 75 percent of borrowers have family incomes below $67,000.
Lawmakers hope that these interventions will loosen the constraints of an impending credit crunch.
“Everyone who wants to go to college should be able to do so. The College Reduction Cost Act will help families across the country pay for college,” said Sen. Sherrod Brown, D-Ohio. “Investing in our nation’s students means investing in our nation’s future.”
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