President Expected to Sign the Largest Increase in Student Aid Since the G.I. Bill
ST. LOUIS, (SLFP.com), September 23, 2007 - Congress sent the College Cost Reduction and Access Act to the president Friday for his signature, providing the largest increase in student aid since the G.I. Bill. The bill reduces $20 billion in subsidies to banks and other student loan providers and redirects the funds to students. The Bush administration, despite earlier threats to veto the legislation, is expected to sign it this week, according to the White House.
If President Bush signs the measure, changes will begin to take effect on Monday, Oct. 1, providing welcome news for families struggling with tuition and fees that are rising far faster than inflation while real wages remain stagnant. New government data shows that the cost of college is soaring out of the reach of more and more American families, according to a report recently released by the Campaign for America's Future.
Campaign for America's Future co-director Robert Borosage, whose group helped rally support for the legislation, hailed the bill as an expression of how progressives are increasingly driving the national debate.
"A majority of Americans stand with progressives and they're defining a new direction in Congress," said Borosage. "This is an important first step for students and their families, accomplished over the president's opposition. We still have a long way to go if we are to insure that college is affordable for all. No student should be priced out of the college or advanced training they need to succeed in this economy."
The bill cuts interest rates on student loans in half, from 6.8 percent to 3.4 percent over 5 years, making student loan repayment more manageable. Importantly, it guarantees that borrowers will never spend more than 15 percent of their yearly income on loan repayments and will have their loans forgiven after 25 years. The legislation also provides upfront tuition for good students who commit to teach in high needs schools upon graduation and provides loan forgiveness for a range of other public service employees.
The new legislation would increase the amount students receive in Pell Grant scholarships to $5,400 a year by 2012, up from $4,050 in 2006. Unlike other forms of financial aid, students do not have to repay Pell Grants. Eligibility for the grant is based on family income. Missouri will receive $265,200,000 in total Pell Grant aid this year; $179,573,000 in additional loan aid over 5 years; an additional $38,422,000 in grant aid next school year; and an $417,164,000 additional grant aid over the next 5 school years.
Lottery Sends $25.4 Million To Education Fund
ST. LOUIS, (SLFP.com), September 23, 2007 - The Missouri Lottery today transferred $25.4 million to the Lottery Proceeds Fund for public education programs. The September transfer of $25,437,029 was based on Lottery ticket sales during August and brings the total transferred in fiscal year 2008 to $62 million.
Since the Lottery began more than 21 years ago, it has generated more than $3 billion in proceeds for the state, including public education.
Boeing KC-767 Tanker Win Would Benefit Georgia Economy
ST. LOUIS, MO (SLFP.com), September 23, 2007 - The Boeing Company has announced that Georgia will benefit from an estimated 600 direct and indirect jobs if it is selected to build the U.S. Air Force's new tanker aircraft fleet. The economic activity generated in Georgia will exceed an estimated $25 million annually.
"A KC-767 Tanker win will undoubtedly benefit Georgia's aerospace industry and business community," said George M. Israel, president and CEO of the Georgia Chamber of Commerce. "Georgia's workforce is energized about the KC-767 program and the positive impact it will bring to our state."
Boeing formally submitted its proposal to the Air Force on April 10. The offering, the KC-767 Advanced Tanker, is designed for aerial refueling of other aircraft, but also is able to move cargo, passengers, patients and medical crewmembers. These capabilities, combined with best-in-competition fuel efficiency, global flexibility and space usage, provide a strong value proposition to the Air Force.
"With Delta TechOps and other valuable Georgia suppliers on our team, we're able to propose the most capable, flexible tanker ever created," said Dave Bowman, vice president and general manager of Boeing Global Mobility Systems. "The KC-767 Advanced Tanker also provides superior fuel efficiency and lower life cycle, support and training costs that will save the Air Force approximately $8.5 billion over the next 25 years."
Delta TechOps, based in Atlanta, will provide commercial support services for the KC-767 Advanced Tanker Interim Contractor Support program, leveraging its experience in supporting commercial and commercial derivative platforms. In addition, Georgia industry will provide mechanical systems and machined aerospace parts for the new tanker if Boeing is selected for the contract.
Nationwide, 44,000 Americans and 300 suppliers will design, build and support the Boeing KC-767 Advanced Tanker.
Boeing will assemble the tanker at its facilities in Everett, Wash., using many of the same manufacturing processes that produced almost 1,000 highly reliable and maintainable commercial Boeing 767s. Installation of military refueling systems and flight test activities will take place at the company's finishing center in Wichita, Kan.
A unit of The Boeing Company, Boeing Integrated Defense Systems is one of the world's largest space and defense businesses specializing in innovative and capabilities-driven customer solutions. Headquartered in St. Louis, Boeing Integrated Defense Systems is a $32.4 billion business with 72,000 employees worldwide.
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