Senate Passes Bill that Will Make College More Affordable for Washington State Students

“Without Pell Grants and student loans I never would have been able to attend college,” said Senator Patty Murray. “So I know what this bill will mean for the millions of students who rely on financial aid to realize their dreams. With college becoming more expensive and more students leaving school saddled with debt, the deck is already stacked against them. By increasing Pell grants, cutting interest rates, and putting students first, this bill will begin to turn the tide.”

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On Monday, Senator Murray helped pass critical higher education legislation that will provide more federal support for Washington statestudents in the form of increased Pell Grants, a significant reduction in student loan interest rates, a cap on monthly loan payments, and various specialized grant programs. The legislation, The College Cost Reduction and Access Act, was passed in the Senate by a vote of 79-12.

Specifically, this bill:

• Raises the maximum Pell Grant by 25 percent over four years to $5,400 per student

• Cuts the interest rate on federal loans in half to 3.4 percent for students with subsidized loans.

• Guarantees that borrowers will not have to pay more than 15 percent of their monthly income in student loan payments.

• Awards grants to students who commit to teaching in high-need subjects at high-need schools.

• Increases funding for Upward Bound Program that assists low-income students afford college, and

• Invests in minority-serving institutions.

Murray Sponsored Initiatives

The bill also includes two provisions that Senator Murray worked hard to include.

Military Loan Deferment and Relief – Lifts the three-year limit on military loan deferment and makes more service members eligible for student loan deferment and relief. 

"With deployments as long as 15 months in Iraq, and young dependent families left at home, our service members are already facing real financial challenges," said Senator Murray. "Paying back student loans should not be something weighing on their mind as they serve us overseas or as they transition back into civilian life."

Homeless and Foster Care Students Aid - Helps to simplify the student aid application process in an effort to make more homeless and foster care students eligible for aid. 

"I am also pleased that this bill improves college access for homeless and foster care students," Murray said. "These vulnerable students face tremendous barriers in their education – especially those who don't have a parent or guardian who's able to guide them through the process."

Senator Murray's Remarks