New Law to Reduce Student Loan Costs
On September 27, President Bush signed a new law intended to make a college education more affordable for low- and middle-income families by making changes in federal student loan programs.
One provision of the College Cost Reduction and Access Act would gradually cut in half the interest rates on subsidized Stafford loans during the next five years. Another new program, to start in 2009, will give eligible borrowers (based on their income or a financial hardship) more flexibility when making loan repayments.
Look for details in the coming months at
www.students.gov
, a U.S. government Web site for college students and their families.
Fact Sheet: College Cost Reduction and Access Act of 2007
New Law to Reduce Student Loan Costs
