Word: pell
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...contrast to 1985, the Obama Administration is expanding federal financial aid—in his State of the Union Address, Obama promised to increase Pell Grants and forgiveness of student loans after 10 to 20 years, among other reforms...
...recent healthcare overhaul included legislation to move away from bank-funded loans toward an expanded direct-lending program run by the federal government. This adjustment was intended to direct $36 billion across 10 years to Pell grants for students from low-income families...
Until now. Gone will be the subsidies, and gone will be the FFEL program. As of July 1, all new student loans will go through the Direct Loan program. The savings - an estimated $61 billion over 10 years - will be used to shore up and increase the need-based Pell Grant program by $36 billion and invest in community colleges. While the Administration has reason enough to crow about the proposed measures, it has had to scale back some of its bigger plans. An earlier version of the bill would have invested an additional $20 billion and offered even more...
...addition to the healthcare bill—enables students to receive loans directly from the federal government. This will cut out the middleman, providing a savings of $61 billion over 10 years and vastly improving student life. These provisions will allocate more resources to students eligible for Pell Grant scholarships and to universities nationwide. In short, higher education has become more accessible and more affordable for millions of Americans...
According to Donahue, even though Harvard’s financial aid program is able to meet the full need for all students without loans, the increase in Pell Grants—which amount to approximately 3 percent of Harvard’s grants—will be beneficial...