Savannah Now has a great article summarizing how the new legislation affects students.  Not everyone will reap the rewards – indeed, many will now end up paying more.  Read the excerpt below:

The Good

Pell Grant increases and related benefits to Pell recipients.

Broader eligibility for Academic Competitiveness Grants.

Student income protection allowance increase.

Automatic zero expected family contribution income increase.

Lowering out-of-pocket costs to families.

Reduced rates on Stafford Loans.

Lender subsidy reductions.

Student loan forgiveness benefits.

Student loan deferment benefits for veterans.

Perkins Loan program continuation.

More awareness of the true cost of college.

Additional college grant aid for Pell recipients in co-op educational programs.

New TEACH Grant program.

Additional funding for historically black colleges and universities and minority-serving institutions.

New College Access Challenge Grant program.

Restoration of funding for Upward Bound projects.

The Bad

Other than a subsidized Stafford Loan rate reduction, millions of non-Pell Grant recipients are left with few alternatives.

Student-owned 529 Savings Plans will no longer be exempt from assessments.

There is no provision for families who don’t qualify for need-based financial aid.

Rates for Stafford Loans not subsidized by the government will not decrease.

The Ugly

If the 2008 budget cuts to pay for the above benefits are implemented, the Supplemental Educational Opportunity Grant will no longer exist, and millions of the neediest students will be left behind.

Stafford Loan increases for first- and second-year students from $2,625 to $3,500 and $3,500 to $4,500 will actually benefit colleges, as they will reduce the institution’s portion of aid dollar-for-dollar and save the school an additional $1,875 over two years.

You can read the entire article here.