The President has signed the College Cost Reduction and Access Act of 2007 (summary)! The act gradually raises the maximum Pell Grant, which helps low-income students pay for college, to $5,400 by 2012, from $4,050 in 2006. And it cuts interest rates in half for subsidized college loans over the next five years. The nearly $20 billion in new funding is all paid for without tax increases, because the bill cracks down on excessive subsidies to the student loan industry.