KU News Release

KU chancellor praises expansion of financial aid

LAWRENCE — University of Kansas Chancellor Robert Hemenway today praised a new federal law that expands financial aid for college students.

President Bush signed the College Cost Reduction Act today, which had been passed by Congress earlier this month. The bill includes an expansion in the size of Pell Grants, as well as a cut in interest rates on federally backed student loans.

“This is great news for students and their families,” Hemenway said. “I want to thank the Kansas congressional delegation for its work to pass this major expansion of financial aid. More students will now be better able to afford the cost of higher education.

“This matches up nicely with our efforts to bring more predictability to college costs through our Four-Year Tuition Compact, which guarantees incoming freshmen no tuition increase for four years.”

The bill signed today expands the maximum Pell Grant from $4,310 a year to $5,400 a year by 2012. It also cuts the interest rate on federally backed student loans from 6.8 percent to 3.4 percent over the next four years.

The legislation was H.R. 2669. For more information on KU’s Four-Year Tuition Compact, visit www.tuition.ku.edu.

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The University of Kansas is a major comprehensive research and teaching university. University Relations is the central public relations office for KU's Lawrence campus.