Report | Higher Ed

Cutting Interest Rates, Lowering Student Debt - Updated

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.


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