Detailed Summary

Improving Access to Higher Education Act of 2007 - Amends the Higher Education Act of 1965 to increase the maximum Pell Grant award to $5,100 for the 2007-2008 academic year. Raises the minimum Pell Grant award from $400 to $500.

Amends the Internal Revenue Code to raise: (1) the maximum student loan interest deduction to $3,750; and (2) the modified adjusted gross income level where such deduction begins to be phased-out.

Exempts from the sunset provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA): (1) the elimination of the 60-month limit on the period of such deduction; and (2) the increase in the income limitation on such deduction.

Increases the maximum annual contribution limit for Coverdell education savings accounts from $2,000 to $3,000, and makes such increase permanent.

Repeals the EGTRRA sunset on the tax exclusion of employer-provided educational assistance.

Status of the Legislation

Latest Major Action: 1/31/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

Points in Favor

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Points Against

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