Good news. I wonder, though, what it would take for state legislatures to finally begin funding higher education to levels approximating those of the 1960s and '70s. That's the main problem I see here -states cut back on funding during lean years, and then never restore it in full when good times return, a cycle that has been ongoing for decades now:
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Congress OKs aid boost for college students;
Bush is expected to sign the measureBy NANCY ZUCKERBROD
THE ASSOCIATED PRESSWASHINGTON -- Congress sent President Bush legislation Friday to boost financial aid for college students by cutting about $20 billion in government subsidies to banks that make student loans.
Bush has indicated that he will sign the legislation, despite previous objections to parts of the bill. Specifically, the administration has criticized a student loan interest-rate cut and a new loan-forgiveness program, among other things.
House Democrats had made the popular interest-rate cut a priority during the run-up to the last election, in which they regained control of Congress.
The House voted 292-97 Friday for the student aid bill. Earlier in the day, the Senate approved the measure 79-12. All the lawmakers who voted against the bill are Republicans.
The boost in financial aid to college students was one of a half-dozen domestic priorities Democrats set when they took control of Congress this year. Two others -- an increase in the minimum wage and mandatory inspections of air and sea cargo -- already have become law, and a third, ethics reform, is awaiting Bush's signature.
"This is an exciting day for parents and students who struggle to put together the financial means to pay for college," said Rep. George Miller, D-Calif., chairman of the House Education and Labor Committee.
The bill would increase the maximum Pell grant, which goes to the poorest college students, from $4,310 a year to $5,400 a year by 2012.
It also would cut interest rates on federally backed student loans to poor and middle-class students from 6.8 percent to 3.4 percent over the next four years.
California Rep. Buck McKeon, the leading Republican on the committee, criticized the rate cut. He said students will go back to paying the higher rate in four years or taxpayers will have to foot the bill for the cut to continue.
