|
Washington, D.C. – Congressman Pete Visclosky today voted for the Student Aid and Fiscal Responsibility Act, which makes the single largest investment in aid to help students and families pay for college in U.S. history, at no additional cost to taxpayers. The bill, which also includes a Buy American provision for its school construction provisions, passed the U.S. House of Representatives by a vote of 253 to 171.
“Expanding access to an affordable college education is a surefire way to build a stronger, more competitive economy for years to come,” said Visclosky. “Making college more affordable for Northwest Indiana’s students and their families will prepare people for good paying jobs and advance efforts to diversify our economy and create new opportunities in the region.”
The Student Aid and Fiscal Responsibility Act reforms the system of federal student loans to save taxpayers $87 billion by originating new loans through the government’s Direct Loan program, while maintaining competition among private lenders and non-profit organizations to provide top-notch customer service for student borrowers. It reinvests $77 billion of those savings in education, while returning $10 billion to the Treasury.
Among its many provisions, the bill invests $40 billion in the Pell Grant scholarship, to keep interest rates affordable on need-based federal student loans, to simplify the federal student aid application process, and in other forms of aid that will help low-income, middle class, and minority students pay for and complete college. The bill increases the maximum Pell Grant from $5,350 this year to $5,550 in 2010 and $6,900 in 2019, and keeps interest rates low on subsidized federal student loans. The Department of Education projects that over 22,500 students in Northwest Indiana will be eligible for a Pell Grant in the next academic year, and the combined value of those grants could near $85 million in student aid.
In addition to making college more affordable, the bill invests $4.2 billion for the purpose of modernizing, renovating, and repairing public school facilities. The bill applies Visclosky’s Buy American principle toward this investment in school infrastructure, requiring the use of American iron and steel in these school construction projects.
“I am pleased that the Buy American provision is included in this legislation, as it will help preserve and create steelworker jobs while we advance new opportunities for our children,” said Visclosky. “Students deserve modern, safe, structurally sound schools, and the way to build them is with American steel made by American workers.” |
|
|
