House passes college cost act

MACOMB, Ill. – The College Cost Reduction Act of 2007 passed its second test last Wednesday when the House of Representatives passed the legislation with a 273-149 vote. \nU.S. Rep. Phil Hare, D-Rock Island, hailed the act as the single largest investment in higher education. Hare, along with Western Illinois University graduate Jessie Kallman, discussed how the bill would come at no expense to students. Kallman joined Hare on the conference call to give a student’s perspective. Funding for the bill will be allocated from excess federal subsidies to private lenders. \nThe bill must now be considered by the Senate, but Hare said he believes it will have no problem passing. \nHowever, the bill may be stopped in its tracks after it goes through the Senate. In a statement Thursday, the White House stated that President Bush would veto the act in its current state because it fails to reach out to the most needy students. \nThe College Cost Reduction Act of 2007 would provide additional funding for the Pell Grant scholarship by $500 per student over the next five years. Illinois students and families would receive $784 million over five years in the form of student loans and Pell Grants. \nThe bill also includes a provision to cut the interest rate on subsidized loans from 6.8 percent to 3.4 percent. \nKallman, who received her bachelor’s degree in political science and is working on a master’s degree in sociology, said she owes $28,000 in student loans despite receiving scholarships. She also added that books, rent and other expenses are factors in her debt.