Rep. Mike Michaud represents Maine's 2nd District in the United States Congress.

This fall, over 18 million college-aged Americans will study at institutions of higher education. Unfortunately, this opportunity comes at a price that for many young Americans and their families is simply too expensive.

A student attending a public university can pay more than $20,000 a year and many private colleges charge twice that amount. In order to pay for these high costs, 63% of college students receive some form of financial assistance and many use federal student loan programs. However, these loans can carry interest rates that discourage students from taking advantage of them, making the dream of attending college seem unattainable.

Maine has some of the brightest and most promising students in the country. We must do everything that we can to ensure that those who want to go to college are not denied the opportunity simply because of the cost.

When the 110th Congress convened, making college more affordable was a top priority. In September 2007, I proudly voted for H.R. 2669, the College Cost Reduction and Access Act, which was overwhelmingly approved by both the House and the Senate and eventually signed into law. On July 1st of this year the first in a multi-step process to halve interest rates on subsidized "Stafford" Federal Student Loans by 2011 went into effect, immediately lowering interest rates from 6.8 percent to 6 percent. This is the first time ever that Congress has cut fixed interest rates on Stafford loans. The interest rates will continue to lower until 2011, when interest rates will be slashed to 3.4%, half of their pre-2008 levels.

This interest rate cut provides enormous opportunities for working families in Maine and across the country. According to the Congressional Research Service, 75 percent of need-based federal loan borrowers come from families whose income is below $67,000. That means that the lower interest rates will bring direct savings to 5.5 million American students who otherwise would have difficulty affording college. In our state, there are more than 21,000 students who take out need-based loans every year. For a student beginning college at a four year institution in 2008, this interest rate reduction could save them approximately $2,500 over the life of their loan.

The College Cost Reduction and Access Act also enacted other provisions into law that help make college more affordable. The Act, which is the largest college expansion since the World War II GI Bill nearly six decades ago, increases the need-based Pell Grant scholarship to $4,731. The law also provides up-front tuition assistance of $4,000 each year for students who commit to teaching high-need subjects such as math and science in high-need public schools upon their graduation from college.

Supporting college education is one of the best investments that we can make in our future. We need to continue to foster the energy of our nation's youths. Lowering interest rates helps remove the monetary barriers preventing some of our best and brightest from fulfilling their potential. The College Cost Reduction and Access Act, which is the largest college aid expansion since the World War II GI Bill, is a strong step forward that I believe we can build on.