President Bush signed the sweeping new Student loan bill into law on Friday, slashing federal subsidies to private loan companies and increasing grants for students. The bill will provide "$20 billion in federal aid to college students and is being likened to the G.I. Bill, which helped millions of World War II veterans attend college," according to the Washington Post.




The new law is called the College Cost Reduction and Access Act. The college lending industry has fought the bill, saying that it will actually hurt students. President Bush pointed out that the bill is not entirely funded yet and that finding money to fund it fully and to increase the Pell Grant will require work on the part of Congress. Between now and 2012 the Pell Grant will be increased to $5,400 per year.

The law provides a $4,000 a year grant for future teachers.

Scholarships Dot Com is one of a number of sources that looked at the details of the new law in blog posts.