When the College Cost Reduction and Access Act (HR 2669) was passed, in 2007, backers touted the bill as the largest increase in student aid since the GI Bill, promising to save students thousands of dollars on college loans. The bill included loan-forgiveness programs, additional funds for Pell Grants, and lower interest rates on Stafford loans.

So far so good, according to an evaluation by the U.S. Public Interest Research Group, a consumer-advocacy group. The group released a report today that concludes the law offers “meaningful help” to students who take out Stafford loans. According to the report’s analysis, the average student at a four-year college who matriculated in 2008 with a Stafford loan will save approximately $2,570 during the course of the loan. Under the terms of the law, the interest rates on Stafford loans will shrink from 6 percent to 3.4 percent over the next four years.

The full report and a partial state-by-state table of student savings are available here. —Ingrid Norton