President Biden on Thursday signed the $1.9 trillion American Rescue Plan Act into law, providing additional coronavirus relief that will allocate about $40 billion in funding for higher education.
The signing of the legislation marks the competition of a top legislative priority for Biden, with the package closely mirroring a proposal his administration released early in his presidency. The legislation passed through Congress with no support from Republicans.
The $40 billion set aside for higher education is the most of the three major coronavirus relief packages, and at least half of the funds must go directly to students in the form of emergency financial aid grants. The measure also includes a provision that would close the so-called 90/10 loophole, though a new rule would not go into effect until July 1, 2023 at the earliest.
Publication Date: 3/12/2021