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United States · Law · HR

H.R. 2669 (110th)

College Cost Reduction and Access Act

enactedUnited States· United States Congress· EN

Introduced

12 June 2007

Last action

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Status

Became Public Law No: 110-84.

Sponsors

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Subjects

Discovery layer

Source updated

21 July 2025

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Summary

College Cost Reduction Act of 2007 - Amends the Higher Education Act of 1965 (HEA) to alter the Pell Grant program by: (1) increasing the maximum Pell grant; (2) removing the tuition sensitivity provision reducing the Pell Grant available to students attending low cost schools; (3) allowing year-round Pell grants; (4) increasing students' Pell grant eligibility by increasing their income protection allowance; (5) altering the formula for determining whether a student qualifies for a simplified means test and zero-expected family contributions; and (6) excluding certain income and assets from student need determinations. Alters HEA student loan programs by: (1) cutting the interest rate charged undergraduate student borrowers under the Federal Family Education Loan (FFEL) and Direct Loan (DL) programs; (2) increasing limits on federally-insured loans; (3) reducing special allowance payments to lenders; (4) eliminating exceptional performer status for lenders; (5) reducing the lender insurance percentage; (6) reducing the percentage of defaulted loan collections a guaranty agency may retain; (7) changing the formula for determining the account maintenance fees paid to guaranty agencies; (8) increasing the loan fee charged certain lenders; and (9) requiring lenders and guaranty agencies to provide institutions of higher education (IHEs) and third-party servicers with student loan information to prevent loan defaults. Provides student loan forgiveness to borrowers who serve in areas of national need as early childhood educators, nurses, foreign language specialists, librarians, certain highly qualified teachers, child welfare workers, speech language pathologists, National Service participants, and public sector employees. Forgives the balance due on DLs by borrowers who have been public sector employees for 10 years and made 120 income contingent payments on such loans. Makes FFEL and DL repayments by student borrowers income contingent. Allows such borrowers to have their loans forgiven after 20 years of payments. Redefines economic hardship to include borrowers whose earnings do not exceed 150% of the poverty line. Eliminates deferral limits on FFELs, DLs, and Perkins loans. Includes such deferrals in maximum payment periods. Withholds specified HEA funding from states that reduce their current higher education funding. Requires that the College Opportunity On-Line (COOL) website be redesigned to include additional college affordability information, including a school's placement on affordability alert status due to its costs increasing at twice the consumer price index over a specified period of time. Provides IHEs with additional funding to raise Pell grant amounts by specified percentages if they keep, or guarantee to keep, their tuition increases at no more than the increase in the Higher Education Price Index (HEPI). Provides cooperative education grants to IHEs that keep tuition increases at or below increases in the HEPI, to increase the availability and quality of programs offering students alternating or parallel periods of academic study and related employment. Establishes a TEACH Grant program providing tuition assistance to undergraduate and graduate students who commit to teaching a high-need subject in a high-need school for four years. Awards competitive grants to minority serving IHEs to establish centers of excellence that improve the preparation and support of highly-qualified teachers. Establishes a College Access Challenge Grant program providing matching grants to philanthropic organizations for financial aid, mentoring, and outreach services to increase the number of needy students from underserved populations who enter and complete college.

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20 official files

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