Around 1 a.m. on July 20, 2007, the Senate passed the Higher Education Access Act (s. 1762), the budget reconciliation bill that will cut lender subsidies by about $19 billion. The new bill passed by a vote of 78 to 18. The Senate approval clears the way for the Senate and House to start negotiating for a single solution on this legislation. Right now, the House bill puts more student loan subsidy savings into borrower benefits while the Senate bill directs more of the savings to increasing grant aid.
You can read more detailed coverage of this new bill here.
How will the new bill on federal student's aid affect me and/or reduce my loan burden as Ph.D. student who has so much student aid/loan hanging over my "small head".
Please provide your feedback on this, before I start celebrating.
Kal
I think that this is a huge step in the right direction. College is so expensive and grad school is ridiculously so. It's good to see that the government still works from time to time.