Student Nurse Loan Forgiveness Bill Passes Congress -Bush Expected To Sign
WASHINGTON D.C. (ASRN.ORG) -- Congress approved legislation that cuts more than $20 billion in government subsidies to institutions through banks, but funnels it directly to the colleges that make student loans. The House voted 292-97 for the student aid bill after the Senate approved it by a wide margin of 79-12.
The bill increases the maximum Pell Grant, which goes to the poorest students, from $4,310 a year to $5,400 a year by 2012. It also cuts the interest rates on federally backed student loan programs from 6.8 percent to 3.4 percent over the next four years.