2008 Woodie Awards
Bush signs bill to lower costs
Leslie Walters
Issue date: 10/16/07 Section: News
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On Sept. 27, President George W. Bush rescued college federal aid by signing the College Cost Reduction and Access Act, the largest increase in federal aid in over 60 years.
The College Cost Reduction and Access Act was passed through the Senate and House of Representatives with votes of 72-12 and 292-97 respectively. The bill appeals to students of middle and low incomes alike.
This legislation will increase the maximum award amount of Pell Grants by $1,000, cut the interest rates on subsidized Stafford loans in half, offer loan forgiveness for public service workers and will make paying back student loans generally more manageable, even for middle-income students.
Donna O'Quinn, the assistant director of financial aid, said that last year approximately 80 percent of USM students received some form of financial aid through institutional, state, federal or external resources. Pell Grants were awarded to more than 5,000 students, federal subsidized and unsubsidized loans were granted to 7,549 and 6,408 students respectively, and 616 students sought private student loans to cover the cost of a college education at USM.
O'Quinn said that between the past two award years, tuition has increased by $160 per semester for full-time students. She added that the rise in the cost of tuition is consistent with an increase in the nation-wide cost of living.
"It is important that students realize that Southern Miss is a community in its own right," said O'Quinn. "Cost of living increases do apply here, particularly since the advent of Katrina."
"Students are really feeling the pinch since the tuition increase," said Dylan Pair, a junior casino/resort management major from Ocean Springs. "It's nice to see that college students are going to get a financial break."
With a national increase in tuition and the interest that accrues with financial aid from private lenders and federal Stafford loans, debt is almost unavoidable for most college students. O'Quinn said that the national average loan debt for a student with a bachelor's degree is approximately $21,000. She added that this debt generally doubles for graduate students since they are no longer eligible for "free money" such as the Pell Grant.
The College Cost Reduction and Access Act was passed through the Senate and House of Representatives with votes of 72-12 and 292-97 respectively. The bill appeals to students of middle and low incomes alike.
This legislation will increase the maximum award amount of Pell Grants by $1,000, cut the interest rates on subsidized Stafford loans in half, offer loan forgiveness for public service workers and will make paying back student loans generally more manageable, even for middle-income students.
Donna O'Quinn, the assistant director of financial aid, said that last year approximately 80 percent of USM students received some form of financial aid through institutional, state, federal or external resources. Pell Grants were awarded to more than 5,000 students, federal subsidized and unsubsidized loans were granted to 7,549 and 6,408 students respectively, and 616 students sought private student loans to cover the cost of a college education at USM.
O'Quinn said that between the past two award years, tuition has increased by $160 per semester for full-time students. She added that the rise in the cost of tuition is consistent with an increase in the nation-wide cost of living.
"It is important that students realize that Southern Miss is a community in its own right," said O'Quinn. "Cost of living increases do apply here, particularly since the advent of Katrina."
"Students are really feeling the pinch since the tuition increase," said Dylan Pair, a junior casino/resort management major from Ocean Springs. "It's nice to see that college students are going to get a financial break."
With a national increase in tuition and the interest that accrues with financial aid from private lenders and federal Stafford loans, debt is almost unavoidable for most college students. O'Quinn said that the national average loan debt for a student with a bachelor's degree is approximately $21,000. She added that this debt generally doubles for graduate students since they are no longer eligible for "free money" such as the Pell Grant.
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