September 7, 2007
Negotiators from both houses of Congress have announced a final version of the College Cost Reduction and Access Act, H.R. 2669. By reducing excessive lender subsidies, the bill frees up billions of dollars to increase grants for low-income students and to improve loan terms for borrowers. This legislation includes a new Income Based Repayment plan that was modeled on the Project's Plan for Fair Loan Payments.