Bill to Reduce College Costs Proposed in House

WASHINGTON — The chairman of the House Education and Labor Committee, Rep. George Miller, a Democrat from California, yesterday introduced legislation that would make the single largest investment in college financial aid since the GI Bill, helping millions of students and families pay for college — and doing so at no new cost to American taxpayers. The legislation, the College Cost Reduction Act of 2007, would boost college financial aid by nearly $20 billion over the next five years. The legislation pays for itself by reducing excessive federal subsidies paid to lenders in the college loan industry.