HOW DID YOUR VIRGINIA REPRESENTATIVES & SENATORS VOTE?

Higher Education Opportunity Act (PL 110-315)

• This law increase Pell Grant awards and Perkins loan limits, in an effort to help the neediest borrowers.


• The law also imposes new requirements on participants in the private student loan programs, to be sure that students and families are fairly treated while seeking these increasingly necessary funds.


• There are many new programs in this law, including several that foster access to higher education by providing counseling and other supports, including financial literacy education.

The College Cost Reduction and Access Act (PL 110-84)

This bill was hailed as the largest federal investment in higher education since enactment of the GI Bill.

• It reduced payments to lenders and cut the interest rate on subsidized student loans in half—from 6.8% to 3.4% over a four-year period.


• The bill increased investments in grant aid for the neediest borrowers by increasing the Pell Grant maximum award.


• The new TEACH Grant program which helps prospective teachers pay for college and a new loan forgiveness program for public sector employees were created.