Bill to Aid College Students Clears Senate
WASHINGTON — Students could borrow money for college at lower interest rates and the maximum federal grant for needy students would increase by $2,000 under a higher-education bill the Senate passed late Thursday.
The vote was 96-1 for the legislation, which would renew authorization for federal spending on higher education programs for five years.
The House passed its version of the bill in May by a vote of 414 to 4.
Lawmakers must resolve differences between the two measures before sending legislation to the White House.
The bill would authorize an increase in the maximum Pell Grant from $3,000 to $5,000 next school year and to $5,800 in the 2003-2004 academic year. The interest rate on student loans would drop to 7.43% from 8.25%.
The bill also would:
* Forgive up to $8,000 in student loan payments for students who end up teaching in schools in poor areas.
* Provide grants to colleges to set up and maintain campus-based child care centers for needy students.
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