President Obama’s fiscal year (FY) 2014 budget request to Congress includes a maximum Pell Grant award of $5,785 for the 2014-15 award year, modifies student loan interest rate policy by making rates market-based, and would make some campus-based aid funds contingent on an institution’s ability to keep tuition low, provide good value, and graduate Pell-eligible students. The proposal calls for interest rates to be determined annually and then fixed for the life of loan, mirroring the variable-fixed approach NASFAA has supported and advocated for since last year.
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