Congress recently approved the College Cost Reduction and Access Act, which will provide $20 billion in aid to make college more affordable in upcoming years.

The bill, approved on Sept. 7, will spark the largest increase in federal tuition funding since the end of World War II.

Over the next six years, the maximum Federal Pell Grant (which provides aid to 5 million low-income students per year) will gradually increase on a yearly basis.

The maximum Pell Grant is currently $4,310. By the 2012-13 academic year, the grant will top off at $11,600.

Patrick Murphy, director of financial planning, said that 352 Elon students receive the Federal Pell Grant. This year, 89 of those students received the maximum grant.

“That is a relatively small proportion of Elon’s population, but for those students, the impact of a higher Pell Grant will be felt,” Murphy said.

The bill also creates an Income Based Repayment Program, which will allow borrowers to repay their student loans as a percentage of their income. Borrowers with low salaries will therefore be protected from making unmanageable payments.

The bill’s call for debt forgiveness will benefit those who chose to pursue a career in the public sector, such as teachers in low-income areas, librarians and law enforcement officials.

“Teaching is a profession where you give back to your community,” said senior Cyndie Kline, an elementary education major. “They don’t have the extra money to pay for a great education because they’re already giving back.”

This aspect of the act will allow up to $1,000 of debt forgiveness per year of public service.

Additionally, the bill calls for a reduction in the interest rates on subsidized Federal Stafford loans.

During the 2006-2007 academic year, 1,471 Elon students received a subsidized Stafford Loan. Because not all of the Stafford Loans have been distributed yet, the number of students receiving this type of assistance for the 2007-8 academic year is unknown.

Murphy said that, although those receiving financial aid will feel the impact of this act, the day-to-day operations in Elon’s Financial Planning office will not be greatly affected.

“Overall, the changes made will have very little impact on the department and how we operate,” he said. “The daily procedures will remain unchanged.”

But for those students who are affected by the act, its implementation will secure a more affordable college education.

Democratic Rep. George Miller of Calif sponsored the bill. It was passed overwhelmingly in the House with a vote of 297-97. The Senate approved the bill by a vote of 79-12.

Reporter: Maggie Griffiths - 09/19/07