Jun 21, 2007
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Thursday, June 21 , 2007
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The College Cost Reduction Act of 2007

By Shaileja Mammen

The College Cost Reduction Act of 2007 introduced by U.S. Rep. George Miller (D-CA), chairman of the House Education and Labor Committee, proposes the largest investment in college education since the 1944 GI Bill, according to the committee's website. If passed, this legislation will help students and families pay for college at no extra cost to U.S. taxpayers.

The legislation provides for almost $20 billion in additional funding over the next five years for college education. The funds would be raised by reductions in federal subsidies to lenders in the education loan industry. The legislation also includes provisions to reduce the federal budget deficit by $750 million.

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Yale Expands Healthcare Facilities; Florida Offers Financial Aid to Students in Technical-Training Programs

By Amit Agarwal

Yale University is all set to expand its healthcare facilities. The school recently bought Bayer HealthCare centers in West Haven and Orange, Connecticut. This move has provided the university with 550,000 square feet of additional laboratory space, as well as office buildings and other assets.

The purchase resulted from Bayer's decision to leave the region, providing Yale with ready-made facilities. Although the asset price was not revealed, the Hartford Courant speculated it was around $100 million.

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New bill seeks to amend Higher Education Act

Congresswoman Carolyn McCarthy has introduced a bill to amend the Higher Education Act of 1965. The Teacher and Nurse Support Act of 2007 expands the loan forgiveness program for teachers and establishes loan forgiveness for nurses. The act is aimed at improving educational and health services across the United States by encouraging people to join and continue in these professions. According to the National Center for Education Statistics, in the next 10 years, the United States will require more than 2 million new teachers to fill posts left vacant by retiring teachers or teachers leaving their jobs to join other professions. A report by the American Hospital Association states that there are more than 118,000 unfilled registered nurse positions in hospitals across the nation.

Dodd plans to introduce bill that would reform private student lending market

Chairman of the Senate Committee on Banking, Housing, and Urban Affairs Senator Chris Dodd has announced that he plans to introduce a bill that would reform the private student lending market. The Private Student Loan Transparency and Improvement Act directs private lenders to provide customers with accurate and timely information pertaining to interest rates and other terms and conditions associated with their products. The bill is designed to help students better understand the products they are buying as well as their options and obligations. The act also prohibits various practices that have prevented students from obtaining the best and most competitive loans.

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