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Bill to Aid College Students Clears Senate

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<i> Associated Press</i>

Students could borrow money for college at lower interest rates and the maximum federal grant for needy students would increase by $2,000 under a higher-education bill the Senate passed late Thursday.

The vote was 96-1 for the legislation, which would renew authorization for federal spending on higher education programs for five years.

The House passed its version of the bill in May by a vote of 414 to 4.

Lawmakers must resolve differences between the two measures before sending legislation to the White House.

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The bill would authorize an increase in the maximum Pell Grant from $3,000 to $5,000 next school year and to $5,800 in the 2003-2004 academic year. The interest rate on student loans would drop to 7.43% from 8.25%.

The bill also would:

* Forgive up to $8,000 in student loan payments for students who end up teaching in schools in poor areas.

* Provide grants to colleges to set up and maintain campus-based child care centers for needy students.

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