The other good news is that Congress yesterday passed legislation that increases the maximum Pell grant, which goes to the poorest college students, from $4,310 a year to $5,400 a year; cut interest rates on student loans to poor and middle-class students in half from 6.8% to 3.4%; capped repayment schedules at a certain percentage of future income; and established a loan forgiveness program for graduates who work for 10 years in public service professions, such as teaching or nursing. They funded these improvements by cutting $20 billion in excessive government subsidies to banks and other lenders.
Students also will get an education in politics from this new legislation. The House voted 292-97 for the student aid bill; Democrats supported it 215-0, and all 97 votes against it were from Republicans. The Senate passed the bill by a vote of 79-12; Democrats and independents supported the bill 45-0, and all 12 votes against it were by Republicans.
Senator Pryor and all four Arkansas Representatives supported the bill. Senator Blanche Lincoln did not vote. She must have been too busy trying to get the poultry industry exempted from pollution rules.
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