Statement by Senator Pryor On Senate Passage of the Higher Education Package
The Senate early this morning passed the Higher Education Access Act of 2007 to increase the maximum award to Pell Grant recipients to $5,100 in 2008, and $5,400 by 2011. The bill also increases the income level at which a student is eligible for the maximum Pell grant, caps monthly student loan payments, cuts subsidies to lenders and eliminates conflict-of-interests between colleges and lenders. Senator Pryor made the following statement:
At the same time college education is becoming essential for success in today's economy, skyrocketing tuition costs are making it less and less affordable. That's why I am pleased the Senate voted to increase access to student aid and reign in the abuse within the student loan industry. This legislation demonstrates a new commitment to students and their families, and I hope it will provide students with the opportunity to achieve a higher education and fully participate in today's highly-competitive, global economy.