Marking the first major federal action to curb the skyrocketing cost of college textbooks, Congress approved legislation today that will bring down prices for millions of students.
In 2007 Congress passed the College Cost Reduction and Access Act. The bill included several provisions to lessen the burden of student debt including:
- More than two billion dollars a year in additional funding for the Pell Grant program. The Pell Grant helps more than 5 million lower-income students each year.
- A new Income-Based Repayment program that allows student loan borrowers to repay their federal loans as a percentage of their income.
- Reductions in interest rates on subsidized Stafford student loans.
One thousand professors from over 300 colleges in all 50 states released a statement today declaring their preference for high-quality, affordable textbooks, including open textbooks, over expensive commercial textbooks.
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