Obama Administration Expresses Support for Student Aid and Fiscal Responsibility Act
The Obama administration expressed strong support for H.R. 3221, the Student Aid and Fiscal Responsibility Act of 2009 (SAFRA), in a Statement of Administrative Policy issued as the House prepares to begin debating the bill today and is expected to pass the bill on Thursday.
"The Administration is pleased that the bill will make key investments in college affordability and education reform, eliminate wasteful subsidies to financial institutions, and save taxpayers money," the SAP states. "The bill takes critical steps toward achieving the President’s goal of restoring the United States to first in the world in college completion by 2020."
Specifically the statement expresses support for:
The bill's reforms that would stabilize student loan programs use the savings from these reforms to invest in higher education
The bill's inclusion of the president's American Graduation Initiative to support innovations and reforms at community colleges
The creation of the President’s proposed Early Learning Challenge Fund
Provisions to expand and remodel the Federal Perkins Loan Program
The administration also hopes to improve the bill as it continues through the legislative process. Specifically, the administration will urge Congress to:
Support further measures to strengthen the Pell Grant program
Refine loan servicing provisions to minimize unnecessary costs
Strengthen accountability and transparency for institutions voluntarily choosing to participate in the College Access and Completion Innovation Fund and increase the share of the Fund set aside for evaluation
Provide the full $10 billion requested for the Early Learning Challenge Fund, and $12 billion for the American Graduation Initiative for community colleges
Posted 09/16/09 to www.NASFAA.org. Redistribution to non-NASFAA institutions is prohibited. Please submit Web site questions or comments to Web@NASFAA.org.
