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9/28/2007
A September 27, 2007 article from The Associated Press reports that President Bush has signed into law a bill designed to increase the financial assistance that is available for needy college students. Under the new law, the annual Federal Pell Grant maximum will gradually increase from $4,310 to $5,400 by the year 2012. In addition, the interest rate charged on federal student loans will decrease over the next four years, from 6.8% to 3.4%. These changes will be funded in part through cuts in federal subsidies paid to private lenders.
The article is available at the MSNBC Web site. A corresponding statement by U.S. Secretary of Education Margaret Spellings is posted at the U.S. Department of Education Web site.
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