Students across the nation could see lower college bills if legislation passed earlier this month is made official.

The College Cost Reduction and Access Act is being touted as the biggest investment in college aid since the GI Bill, which was passed in 1944, according to a government news release. The bill would not result in new taxes and would grant more than $20 billion in subsidies to private loaners, also reducing interest rates, said Rep. Zack Space, D-Ohio, in a conference call yesterday. The maximum amount awarded for a need-based federal Pell grant would also increase by more than $1,000 in the next five years, he said.

Ohio will receive $1 billion dollars over five years with 200,000 students receiving aid, said Space, adding that this legislation will benefit southeastern Ohio.

“You’re more likely to live in poverty in my district than have a degree,” he said. The federal bill would reduce loan interest rates, but states would continue to determine tuition rates, said Rep. Tim Walz, D-Minn.

“There can be more, there will be more (done),” to reduce to the costs of college, he said.

Congress will explore extending a higher education tax deduction next week.

The bill also includes special provisions for future educators and public servants. Teachers who graduate with a GPA above 3.25 working in low-income public schools or teaching science and math will be eligible to receive up to $16,000 for college costs.

Legislators are focusing on attracting more high school teachers, said Walz, a public school teacher and beneficiary of the GI Bill.

“This is exactly why I took time out of my teaching job.”

The bill also would allow public servants, including those in military service, some types of lawyers, firefighters and early childhood educators, to receive loan forgiveness after working 10 years in their fields.

The main criticism of the bill has been the possible loss of autonomy by universities in terms of public policy. But Walz, Space and House Democratic Caucus Chairman Rahm Emanuel, who also participated in the conference call, all denied a correlation between the bill and any impending loss of freedom.

President George Bush has indicated that he will sign the bill, which was sent to him Tuesday. Emanuel said the date that Bush decides to sign the bill “depends on if (Bush) wants to be associated with (the bill).”