College funding law will benefit Vermonters

09/28/07 8:18AM By Melody Bodette

The College Cost Reduction Act signed by President Bush yesterday includes money for Vermonters.

The new law will provide Vermonters an estimated $61million in financial aid and will cut interest rates for need-based loans in half for an average savings of over $4,000.

Congressman Peter Welch said the bill represents the greatest federal commitment to college affordability in generations and that it will improve college affordability for middle class Vermonters and their families.

The new law provides $17 billion in financial aid for the next five years by reducing federal subsidies paid to large lenders in the college loan industry.

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