According to, President Bush plans on signing legislation that would increase college financial aid by about $20 billion over the next five years.

The new bill would reduce the interest rate on need-based student loans to 3.4% (currently 6.8%) over the next four years.

It would also increase the Pell grant maximum to $5,400 over the next five years.

Other provisions in the bill will help borrowers who are having trouble meeting payments due to economic hardships. 

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