Recently passed by Congress and now waiting for signature by the president, the Conference Report for the College Cost Reduction and Access Act, HR 2669, will provide $20 billion to boost financial assistance to low- and middle-income students. The bill also includes landmark investments in Hispanic and Minority-Serving Institutions, particularly in STEM (science, technology, engineering, and mathematics) fields, and increase resources to key educational programs such as Upward Bound.
The Hispanic Association of Colleges and Universities, HACU, is just one organization applauding passage of the bill. The significant increase in the Pell Grant will help ensure that higher education will be more accessible to low-income and first-generation Hispanic college students. The investment in science education should also help to address the under-representation of Hispanics and other minorities in STEM fields.
Details of the bill include $200 million dollars in mandatory spending to Hispanic-Serving Institutions to increase the representation of Hispanic and other low-income undergraduate students pursuing STEM fields. It increases the maximum award to Pell Grant recipients to $4,800 in 2008 and to $5,400 by 2012. In addition, it cuts student loan interest rates in half in five years and provides increased resources for Upward Bound.
