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...reform of the federal financial aid program sends a “very powerful public policy message,” said Harvard College Director of Financial Aid Sally C. Donahue...
...certainly think that we as a nation should be investing even more dollars in our federal financial aid program,” Donahue said. “Access to education is critically important to our nation...
...legislation includes the Student Aid and Fiscal Responsibility Act, which will provide an expanded government direct-lending program and eliminate the role of private financial institutions as intermediaries in providing student loans, saving an estimated $68 billion over 11 years...
...also allocates an additional $36 billion to expand the Federal Pell Grant Program—a need-based federal financial aid program that provides assistance for students from low-income families—over the next 10 years...
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...