U.S. Senator Lamar Alexander (R-Tenn.) today praised the president’s signing into law the bipartisan College Cost Reduction and Access Act of 2007.
“This is a great day for the over 100,000 Tennesseans who rely on the Pell grant program to afford college,” said Alexander, a former Education Secretary and University of Tennessee president. “This bill helps make college more accessible to all Americans, supports a thriving student loan program, and helps public service employees – like teachers, school counselors and first responders – achieve loan forgiveness. I’m pleased this legislation has become law.”
Alexander, a member of the Senate Health, Education, Labor, and Pensions Committee, said the legislation will:
Increase the Pell grant to a maximum of $5,400 over the next five years, a significant increase that will help more students afford college;
Provide grants of up to $4,000 a year to students who want to become teachers in high-need schools. This will help increase the number of qualified teachers in our neediest schools, help improve student achievement, and reduce the achievement gap.
Provide active duty military flexibility to defer payments on their loans so that they are not burdened with loan payments while serving their country.