Kerry: College Will Be More Affordable For Massachusetts Students Under Reconciliation Bill:
BOSTON – Senator John Kerry today praised the Senate passage of the Student Aid and Fiscal Responsibility Act (SAFRA), which was included in the Reconciliation of the Patient Protection and Affordable Care Act.
By delivering all student loans through the direct student loan program – instead of subsidizing banks through the more costly Federal Family Educational Loan program – this bill will save taxpayers money that will be reinvested in education. Pell Grants will reach a historic $40 billion in funding nationwide, additional funding for grants to community colleges, Historically Black Colleges and Universities and other Minority Serving Institutions will be increased, the application process for student loans will be simplified and the American Opportunity Tax Credit will be increased.
Government estimates show Massachusetts could receive $433 million over ten years for an additional 8,459 Pell Grant recipients and $8.5 million over five years for College Access Challenge Grants.
“To paraphrase Vice President Biden, this is a big freaking deal. Nearly two-thirds of Massachusetts students graduate with over $23,000 in student loan debt. This bill will make college more affordable for everyone and put it within reach for many who can’t shoulder the bills today. We’re talking about almost 8,500 more students in Massachusetts who will go to college on Pell Grants. That’s a huge difference,” said Senator Kerry.
The bill will be strengthened by:
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