The Washington Post reports here that President Bush just signed into law major student loan legislation - - the College Cost Reduction and Access Act. As indicated in our earlier post, the major focus of public attention has been Congress's efforts to slash subsidies to lenders and police improper relationships between lenders and educational institutions. But the thrust of the legislation is the substantial reduction of interest rates for low- and moderate-income borrowers and other features that will ease student borrowing. As the Post puts it: The legislation "will gradually reduce interest rates on federally subsidized loans for low-income students to 3.4 percent over five years. The law will also offer loan forgiveness for those who have held public service jobs for 10 years and will cap payments on federal loans at a certain percentage of a college graduate's income." The legislation also expands the Pell Grant program aimed at poor students. An earlier Post story provides more detail. The text of the legislation is available here.