(Philadelphia, PA) October 8, 2007 - Dwayne M. Murray, Grand Polemarch of Kappa Alpha Psi Fraternity, Inc., praised the United States Congress and President George W. Bush for the passage and signing of H.R. 2669 - The College Cost Reduction and Access Act.

"The legislation, enacted late last week, will save tens of thousands of college students an average of $4,400 on student loan interest," Grand Polemarch Murray said. Murray highlighted the laws' increases in Pell Grant amounts, loan forgiveness for those who provide 10 years of public service and the historic new investments in minority-serving institutions as additional reasons for his support. "This vital piece of legislation will benefit not only members of Kappa Alpha Psi, but millions of American students seeking financial assistance to fulfill their educational goals. I want to commend the Congress, as well as the President for their work to make college more accessible and affordable for all Americans."

To reduce the cost of loans for millions of student borrowers, the legislation will cut interest rates in half on need-based student loans, from 6.8 percent to 3.4 percent over the next four years. In a critical step to expand access to college, the bill will also increase the maximum Pell Grant scholarship by $490 in 2008 and by $1,090 over the next five years. This will restore the purchasing power of the Pell Grant - raising the scholarship from $4,050 in 2006 to $5,400 by 2012.

"This new investment in college financial aid is critical," Grand Polemarch Murray stated. "In today's economy, a college education is as important as a high school diploma was a generation ago. Yet, college costs have grown nearly 40 percent in the last five years. Students are graduating from college with more debt than any other time. Countless numbers of students do not go to college every year because they simply can't afford the cost. Kappa Alpha Psi will do its part to ensure that our lawmakers in Washington continue to give adequate attention to the rising cost of college education."

In addition, the legislation will prevent students from facing unmanageable levels of federal student debt by guaranteeing that borrowers will never have to spend more than 15 percent of their yearly discretionary income on loan repayments and by allowing borrowers in economic hardship to have their loans forgiven after 25 years.

Kappa Alpha Psi Fraternity, Inc. is an international organization founded on the campus of Indiana University, Bloomington, Indiana on January 5, 1911. Since its inception, it has trained over 125,000 men, particularly undergraduates, for leadership roles in their communities and the attainment of a high degree of excellence in their academic pursuits. The International Headquarters is located in Philadelphia, Pennsylvania.