Student aid changes take effect

Lower interest rates for newly written subsidized Stafford loans and higher maximum amounts for Pell grants make college more affordable.

Los Angeles Times

Going to college became more affordable this month for millions of lower-income students, thanks to changes to two major financial aid programs.

The revisions, spurred by a federal law called the College Cost Reduction and Access Act, include higher maximum amounts for federal grants as well as lower interest rates on some newly written government-guaranteed loans.

"This is a big, big improvement in the status of the lowest-income students," Rep. George Miller (D-Martinez) said at a news conference late last month.

At the same news conference, Sen. Sherrod Brown (D-Ohio) called the legislation "an investment in American students" that "couldn't have come at a better time."

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Student aid changes take effect »