Ledger

Issue date: 9/20/07 Section: News

Photo by Kristin Draus / Ledger

University of Washington Tacoma hosted a formal reception on Sept. 16 to celebrate the passage of bill that would raise student financial aid and cutthe interest rates on student loans by half.

The College Cost Reduction Act of 2007 passedthe U.S. Senate with a 79 to 12 vote in favor of the legislation. Students attending Washington colleges and universities would benefit greatly from the bill.

Washington senator Maria Cantwell supported the bill and attended the reception in the oUWTpost. Chancellor Patricia Spakes praised Cantwell's involvement, as did Tacoma Mayor Bill
Baarsma and several Pierce County students and administrators.

President Bush will ultimately either veto or approve the legislation that would increase the maximum Pell grant award.

"I think [Bush] originally wasn't supportive, but we think that now that he's seen the final package and the votes come out of the Senate and House that when they look at the public sources, they're likely
to support them," Cantwell told the Ledger.

The Pell grant would increase from the current maximum amount of $4,310 to $5,400, according to Cantwell. Student loan interest rates would decrease from 6.8 to 3.4 percent, making it easier for students
to repay student loans.

Rather than constantly worrying about financial aid, "the Pell grant allows the student to focus on learning," Spakes said.

Students who enter a public service occupation after graduating college could take advantage of the Act's opportunity for loan forgiveness. University graduates are encouraged to consider careers as law
enforcement officers, librarians, doctors, nurses, and even childcare providers. Student loans would be paid in exchange for service in such careers.

The fate of the bill will be decided in October.

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