New map for college aid drawn
Overhaul includes grant increases, interest rate cuts, loan repayment program for those who need help

Pamela Yip:

“The financial aid package gets better for those who are eligible for need-based financial aid, since interest rates are dropping,” said Joseph Hurley, chief executive of, a Web site on college financing.
The College Cost Reduction and Access Act, which President Bush recently signed into law, has been called the largest overhaul of aid to college students since soldiers returned from World War II battlefields and headed into the classroom.
While it doesn’t change the strategy and approach that families should take when shopping for college financing, it will give them more benefits to go with the financial aid options that are available.
Major provisions of the new law include: