On Tuesday, July 21st, the House Education and Labor Committee will consider The Student Aid and Fiscal Responsibility Act of 2009. The Full Committee Markup will start at 11:00 AM EDT, July 21, 2009.

The House chairman has called the bill "the single largest investment in higher education in history" and said that it will make college dramatically more affordable by investing billions of dollars in additional student aid, at no cost to taxpayers.

The Student Aid and Fiscal Responsibility Act of 2009 would generate almost $100 billion in savings over the next ten years that will be used to boost Pell Grant scholarships, keep interest rates on federal loans affordable, safeguard federal student loan access for families, and enact President Obama's key education priorities. The legislation pays for itself by making the federal student loan programs more reliable, effective and cost-efficient for students, families and taxpayers.

In order for the bill to become law, the Senate must take up similar legislation which is it not likely do so until after the August recess. The Senate version will need to be reconciled with the House before the President can sign it into law.

Posted 07/17/09 to www.NASFAA.org. Redistribution to non-NASFAA institutions is prohibited. Please submit Web site questions or comments to Web@NASFAA.org.