More College Aid

There’s more good news for future school and public librarians. The House and Senate in September finalized language that would boost federal student loan money for educators. Senator Edward M. Kennedy (D-MA) and Representative George Miller’s (D-CA) College Cost Reduction and Access Act would increase college aid by roughly $20 billion over the next five years.

The bill would give tuition assistance to low-income and minority undergraduate students who agree to teach high-need subjects in high-need schools. It would also provide loan forgiveness for college graduates who become librarians or go into early childhood education.

“College education has become more important than ever,” says Kennedy (below), chairman of the Senate Health, Education, Labor and Pensions Committee. “By making college more affordable for young Americans, we not only open doors of opportunity for them, but we equip a new generation of Americans to compete and win in the global economy.”

The proposed legislation would increase the maximum value of the Pell Grant scholarship by $1,090 over the next five years and cut interest rates on need-based student loans in half, from 6.8 percent to 3.4 percent, over the next four years. Once the House and the Senate vote on the legislation, the bill goes to the President for his signature.