Pace Paw Print

To the editor:

On September 7 the Senate and the House approved legislation that has been called the biggest increase in aid for college students since the GI Bill. President Bush has said he will sign the bill shortly.

With tuition rates that have been escalating for too long and at too high a rate for many students and their families, this in an extremely important step in the right direction. The bill provides an increase in the Pell Grant maximum over five years to $5,400, a student loan interest rate cut, and a new loan forgiveness program for graduates who work in public service jobs and faithfully repay their loans for 10 years.

In the academic year that ended last June, 2,043 Pace University students received about $5.5 million in Pell Grants. If last year had been the first year of the revised maximum, that amount could have increased by approximately $1.9 million. Not enough, but critically important.

This vote showed Congress at its bi-partisan best, and is good news for all Americans - even if no one in their family is going to college. We all benefit from the economic growth and innovation that comes with more well-educated Americans.

Stephen J. Friedman President, Pace University

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