"The Republican-led Congress allowed an increase on student loan interest rates to go into effect last year. The higher interest rates are costing some of our nation’s neediest students the opportunity to get a college education,” said Durbin. "Last November, the country voted for a Congress that would make the needs of average American families a top priority. We are here today to insure that the cost of a college education is still within reach.”

Last year, the Republican-led Congress cut $12 billion out of federal student aid programs in order to help finance tax breaks for the wealthiest Americans. Durbin and Miller said today that this Republican raid on student aid made college less affordable at a time when millions of American families are struggling to pay for higher education. The lawmakers said that their new bill reflects the kind of serious investment that America must make if it wants to ensure college access for all students and remain the world's economic leader.

The Durbin-Miller "College Student Relief" bill cuts interest rates in half. Specifically, the legislation will cut interest rates on need-based federal loans for undergraduate students from 6.8 percent to 3.4 percent in five steps: to 6.12 percent in 2007; 5.44 percent in 2008; 4.76 percent in 2009; 4.08 percent in 2010; and 3.40 percent in 2011.

This new legislation will save the typical borrower – with $13,800 in need-based loan debt – approximately $4,400 in interest costs over the life of his or her loan. Recent reports indicate that, from 2001 through 2006, the price of tuition, fees, and room and board at four-year public institutions has increased by 44 percent. According to the U.S. Department of Education, the average student debt has increased by more than 50 percent over the last decade.

As the price of college increases, so does the need to have a college degree. Today, 6 out of every 10 jobs require some postsecondary education and training. Furthermore, today's college graduates earn over $1 million more than those without college degrees over the course of their careers.

"The concern for our global economic viability is real," said Durbin. "Forcing our students to pay high interest rates shortchanges our children while threatening our country's ability to remain competitive in the global marketplace."