Bill would increase aid to students
College Cost Reduction, Access Act expected to pass soon
Nathaniel Shuda
Issue date: 9/17/07 Section: Campus News
Wisconsin's legislators in Washington expect the president to sign a bill this week that will provide the single largest investment in higher education since the 1944 GI bill, giving about 70,000 Wisconsin college students a boost in federal financial aid.
Bipartisan majorities in both the U.S. House and Senate passed the College Cost Reduction and Access Act Sept. 7 - an action that has many area legislators, as well as UW-Eau Claire students and administrators, rejoicing.
"I'm delighted," said U.S. Rep. Ron Kind, D-Wis., who voted for the bill. "It's long overdue, but I think it's a very important investment to make."
The bill will boost college financial aid by more than $20 billion over the next five years and cut interest rates on subsidized student loans in half over the next four years.
"It probably will end up helping me a little bit," sophomore Ryan Thibodeau said. "Any little bit helps, especially being a college kid."
Under the legislation, the maximum value of the Pell Grant will increase by $490 for the 2008-2009 academic year - an increase of about 12 percent - to a total increase of $1,090 by 2013.
"That's a significant increase," said Kathleen Sahlhoff, Eau Claire's director of financial aid. "We haven't seen an increase like that in years."
With almost 70 percent of university students eligible for Pell Grants, Sahlhoff said, Eau Claire welcomes the change.
The bill would also gradually lower the interest rates for new undergraduate subsidized loans from 6.8 percent to 3.4 percent in July 2010.
"Well over 60 percent of students (at Eau Claire) take out loans," Sahlhoff said.
Of Wisconsin's eight congressional representatives, only two - Republicans Jim Sesenbrenner and Paul Ryan - were among the 12 who voted against the bill.
In a prepared statement, a spokeswoman for Ryan's office wrote that the District 1 representative had concerns that reduced interest rates and the repayment program would not help current college students but only graduates.
Bipartisan majorities in both the U.S. House and Senate passed the College Cost Reduction and Access Act Sept. 7 - an action that has many area legislators, as well as UW-Eau Claire students and administrators, rejoicing.
"I'm delighted," said U.S. Rep. Ron Kind, D-Wis., who voted for the bill. "It's long overdue, but I think it's a very important investment to make."
The bill will boost college financial aid by more than $20 billion over the next five years and cut interest rates on subsidized student loans in half over the next four years.
"It probably will end up helping me a little bit," sophomore Ryan Thibodeau said. "Any little bit helps, especially being a college kid."
Under the legislation, the maximum value of the Pell Grant will increase by $490 for the 2008-2009 academic year - an increase of about 12 percent - to a total increase of $1,090 by 2013.
"That's a significant increase," said Kathleen Sahlhoff, Eau Claire's director of financial aid. "We haven't seen an increase like that in years."
With almost 70 percent of university students eligible for Pell Grants, Sahlhoff said, Eau Claire welcomes the change.
The bill would also gradually lower the interest rates for new undergraduate subsidized loans from 6.8 percent to 3.4 percent in July 2010.
"Well over 60 percent of students (at Eau Claire) take out loans," Sahlhoff said.
Of Wisconsin's eight congressional representatives, only two - Republicans Jim Sesenbrenner and Paul Ryan - were among the 12 who voted against the bill.
In a prepared statement, a spokeswoman for Ryan's office wrote that the District 1 representative had concerns that reduced interest rates and the repayment program would not help current college students but only graduates.
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