Discuss “Bush signs bill to increase student aid”

“I have the honor of signing a bill that will help millions of low-income Americans earn a college degree,” said President George W. Bush, surrounded by students and lawmakers on Sept. 27 while he signed the College Cost Reduction and Access Act, a bill to make college more affordable for students from low and middle-class families.

The bill raises the maximum Pell Grant, an educational federal grant which requires high levels of need, from $4310 to $5400 over five years. The bill also and will reduce federal student loan interest rates from 6.8 percent to 3.4 percent over four years.

Moreover, the bill will limit the amount of money a borrower needs to repay to 15 percent of the borrower’s discretionary income when they earn under...