Biden Signs American Rescue Plan Into Law, Sending $40 Billion to Higher Education
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
Comments Disclaimer: NASFAA welcomes and encourages readers to comment and engage in respectful conversation about the content posted here. We value thoughtful, polite, and concise comments that reflect a variety of views. Comments are not moderated by NASFAA but are reviewed periodically by staff. Users should not expect real-time responses from NASFAA. To learn more, please view NASFAA’s complete Comments Policy.
Related Content
Senate Hearing on Servicing Shows Stark Divide on Need for Student Debt Relief
Applying for PSLF? Federal Higher Ed Leaders Have a Guide
Senate Democrats Request ED Detail “Fresh Start” Plan
Today's News for April 27, 2022
Today's News for April 18, 2022
Congressional Democrats Unveil New Plan to Simplify Student Loan Repayment
Today's News for April 5, 2022
New Legislation Seeks to Highlight True Cost of Loans for Students
Today's News for March 28, 2022
Off the Cuff - Episode 225 Transcript
Two Top Democrats Urge Biden to Extend Student Loan Moratorium Until 2023
Today's News for March 17, 2022
Biden Signs FY 2022 Budget Into Law, With Increases for Pell Grants and Student Aid Funding
Today's News for March 16, 2022
Today's News for March 15, 2022
Republicans Introduce Bill to Force Resumption of Student Loan Payments
Today's News for March 10, 2022
Federal Higher Education Leaders Tout American Rescue Plan’s 1-Year Anniversary
Today's News for March 8, 2022
Off the Cuff - Episode 222 Transcript
House Committee Highlights Needed Federal Investments for HSI and MSI Institutions
Today's News for March 3, 2022
In State of the Union Address, Biden Highlights Pell Grant Increase as Administration Priority
Today's News for March 2, 2022
2022 NASFAA Executive Roundtable
2022 NASFAA Executive Roundtable: 2022 NASFAA Executive Roundtable
Bill Would Bar Institutions From Federal Student Aid Over Legacy Admissions
Off the Cuff - Episode 219 Transcript
NASFAA Endorses Pell Grant Sustainability Act
Building Back Something? What Democrats’ Updated Legislative Agenda Means for Higher Ed Priorities
Over 80 Democrats Push Biden to Release Memo on Student Debt Cancellation
Top Republicans Repeat Call for ED to Release Report on Student Loan Budget Projections
Top Republicans Press ED for Clarity on PSLF Changes
Senate Clears REMOTE Act, Amending Isakson-Roe Veterans Bill
Free Community College Has Support, So Why Doesn’t It Happen?
Bill Would Help Community College Students Transfer Credits to Complete Associate Degree
House Passes REMOTE Act, Including Technical Corrections to Amend Isakson-Roe Veterans Bill
Democrats Urge Biden to Again Extend Student Loan Pause
Spending Agreement Avoids Government Shutdown Through Mid-February
House Advances Reconciliation Package as Bill Approaches Finalized Form
Warren, Top Democrats Urge ED to Help Borrowers in Default
Lawmakers Press ED Under Secretary on Implementation of Pandemic Aid
Senate Democrats Offer Neg Reg Comments Urging ED to Continue Implementing Borrower Relief
Two Bills Seek to Amend Isakson-Roe Veterans Bill, Improve Consumer Information Requirements
NASFAA Provides Testimony During Negotiated Rulemaking 90/10 Public Hearing
House Committee Questions Cordray on ED’s Student Loan Portfolio
Advertisement
You must be logged in to comment on this page.