New legislation gives significant help to Nevada college students trying to obtain an education by cutting the interest rate on federally backed student loans by 50%, down to 3.4% from 6.8%.  The legislation increases the amount of money included in the Pell Grant to $4,800 a year in 2008, then up to $5,400 dollars a year by 2012 and capping student loan payments at 15% of monthly discretionary income along with providing loan forgiveness for students who engage in public service or join the military after graduation