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As college students return to class this fall, the Senate recently approved a student aid bill aimed at financially assisting low-income and middle class students. Passed by an overwhelming majority in both the house and the Senate, the College Cost Reduction and Access Act seeks to increase Pell Grants by 2012 while at the same time temporarily slashing interest rates on federal student loans by half. Congress approved 20.2 billion dollars in new funds to assist student last Friday by cutting back on private loan subsidies. President Bush, who previously indicated that he would veto an earlier version of the legislation, is expected to sign the bill into law. The boost in student aid comes at a time when tuition fees have significantly increased in relation to falling median household incomes. A new report released by the Campaign for America\u2019s Future notes that the average cost of a public college education for one student equates to one quarter of the total household median income. Private educational institutions account for 57 percent.<\/p>\n![](\"http:\/\/www.desertdispatch.com\/pictures\/1189474370-0910financialaidweb.jpg\"\/)
GUEST: Eric Lotke, author of the report, \u201cChasing the Dream,\u201d and research director at the Campaign for America\u2019s Future.<\/em><\/p>\n