Financial Relief In Sight for College Students

From the money section over at CNN:

House panel cuts student lender subsidies

...Finally, the bill would cap student loan repayments at 15 percent of a student's post-graduation income, with students eligible to have debt forgiven under some circumstances.

Savings realized from the proposed cuts and others would be channeled into boosting college financial aid for students by $18.25 billion over the next five years.

Under the bill, the maximum value of federal Pell grants given to students would go up by $500 per grant. Also, interest rates on federally guaranteed student loans would be reduced by half over five years, a measure already passed by the House.

Read the full article here.