The Conference Report on the College Cost Reduction and Access Act (H.R. 2669), passed in the Senate by a vote of 79 to 12 and in the House by a vote of 292 to 97 on Friday. The bill will now go to the President who has already signaled his intent to sign the bill into law. Democrats are hailing the bill as the largest increase in federal student aid since the introduction of the G.I. Bill, and does so without raising any money from taxpayers. Increases in the Pell Grant and additional savings to borrowers through reduced interest rates will come at the expense of FFEL program loan providers who lose $22 billion worth of subsidy cuts over the next several years. A detailed summary of the Conference Report is available on the NASFAA Web site.

Media Coverage

• Congress Approves Student Loan Bill (The New York Times)

• Congress Passes Overhaul of Student Aid Programs (The New York Times)

• Congress Passes Financial-Aid Legislation (The Wall Street Journal) A paid subscription is required.

• Congress Gives Final Approval to Sweeping Student-Aid Bill (The Chronicle of Higher Education) A paid subscription may be required

• Congress passes student aid overhaul (The Los Angeles Times)

• Gregg opposes financial aid bill; cites harm to bjt process (Associated Press)

• Congress OKs more aid for college students (MarketWatch)

Press Releases

• Kennedy Opens Floor Debate On College Cost Reduction And Access Act (Kennedy Press Release)

• On College Aid, Congress Fulfills its Promise (Miller Press Release)

• Enzi Gives Congress Incomplete Grade On Higher Education Reforms (Enzi Press Release)

• McKeon Blasts Democrat Congress for Squandering Opportunity for Bipartisan College Access Reforms (McKeon Press Release)

Posted 09/10/07 to www.NASFAA.org. Redistribution to non-NASFAA institutions is prohibited. Please submit Web Site questions or comments to Web@NASFAA.org.