Obama Statement on Signing of College Cost Reduction Bill
U.S. Senator Barack Obama (D-IL) today released the following statement after President Bush signed the College Cost Reduction and Access Act of 2007 into law. This legislation passed the Senate this month and included a provision to increase the maximum Pell Grant for eligible students from $4,310 in 2007, to $5,400 by 2012. The bill also mandates that interest rates on subsidized student loans are cut in half over four years. Senator Obama sat on the Conference Committee that won these improvements in the bill.
"When I entered the Senate, my first legislative priority was to help make college affordable for every American, and this law will bring us one step closer to reaching this goal. Higher education remains too far out of reach for many students, and we must break down any barriers that are preventing our kids from getting the world-class education they deserve. By investing in a new generation of leaders, we will restore America's competitiveness in the world."