September 10, 2007

College Cost Reduction Act heads to President.

Posted in Legislation Affecting Students, Student Loan News at 10:24 AM by Joe From Boston

According to, a financial aid trade group, the College Cost Reduction Act is heading to President Bush’s desk.  Here’s what they say:

A conference report to H.R. 2669, The College Cost Reduction Act, passed by a vote of 79 to 12 on the Senate floor this morning and in the House this afternoon by a vote of 292 to 97. The bill will next move to the President for signature and is reportedly not under threat of veto.

Yesterday afternoon, House and Senate Education leaders, Representative George Miller (D-CA) and Senator Edward Kennedy (D-MA) convened a rally on Capitol Hill following the announcement by President Bush that he would support the final conference package. Congress Daily reports that Senator Kennedy stated at the rally, “Help is on the way. And not a cent of it will come from the taxpayers. It will come, essentially, from the lenders.” Back in July, the Administration issued a veto threat on H.R. 2669 on the basis that it “fails to target aid to the neediest students currently in college and creates new mandatory Federal programs and policies that are poorly designed and would have significant long-term costs to the taxpayer.”

If you would like to see details about what this bill entails, please visit the NCHelp newsletter for Friday, 9/7/2007.  The details are on pages 1-3 of the PDF file.