The bill reins in Wall Street and protects consumers, investors, and taxpayers from further financial meltdowns. The centerpiece of the reform legislation is the establishment of the new, independent the Consumer Financial Protection Bureau to protect consumers of financial products, including private student loans.
After Senators and members of Congress returned from August recess, students and student advocates were hopeful that both chambers had hammered out a new and final policy to help solve the problem of deep student loan debt. The process unfolded quickly - within two days, the House and Senate Education committees pulled together a joint press event with the Student PIRGs and coalition partners to announce final passage of the College Cost Reduction and Access Act of 2007.
In the spring of 2005, Congress cut the student loan program by $12 billion dollars, forcing interest rates on loans to go higher and making college dangerously expensive. Students at UConn and at hundreds of campuses across the country fought the cuts, but we lost narrowly