Almost two weeks ago, the House passed the College Cost Reduction Act, which would increase federal financial aid for students and lessen the burden that many face trying to pay for college.

This week, more updates: this past Friday, while we were all anxiously awaiting Harry Potter and the Deathly Hallows (wait…maybe that was just me), the Senate was working to pass its version of financial aid legislation, the Higher Education Access Act, 78-18. This bill will increase grants for low-income students and and help make student loan debt more manageable.

Then, the Nelson-Burr amendment was introduced, which would amend the bill to give student loan companies an extra $4 billion — that would mean $4 billion less in grants for students who need it. However, millions of American students from Campus Progress and the Campaign for College Affordability called their Senators to tell them to vote against the Amendment — and it worked. The bill passed and the amendment failed, which means students will received that extra $4 billion in grant aid!

Though the House and Senate have both made great strides in protecting the financial futures of college students, there is stil some work to be done. The House and Senate will now form a conference committee to discuss combining their two bills, and then the bill needs to be signed into law by President Bush – who has already threatened to veto it.

What can you do? Get involved and take action now! Join the millions of college students working to make a difference with the Campaign to Make College Affordable. Check out their website for more information about these important reforms and about how you can easily call and email your Senators and Representatives to make sure they are supporting your interests!