Quoted In: College becomes more affordable after Congress cuts interest rates (The Post)

Abstract: The College Cost Reduction and Access Act of 2007 (CCRAA) will cut interest rates on subsidized federal Stafford loans in half by 2011. Subsidized loans are those that the government pays interest on while a student is in school and a short time after graduation, said Justin Draeger, spokesperson for the National Association of Student Financial Aid Administrators. In addition to lowering interest rates, the act will also increase the amount of appropriated funds given to students through the Pell Grant, Draeger said.  The new legislation calls for a $490 increase this year and additional increases in the years 2010 and 2012, he said. The act also established a new Public Service Loan Forgiveness Program, Draeger said. This program allows the Secretary of Education to cancel remaining student debt for anyone who has been employed for at least 10 years in a public service field, he added.

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