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

You must be logged in to comment on this page.

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

Financial Aid Professionals Advocate for Pell Grant Increases and Highlight FAFSA Complications on Capitol Hill


Today's News for July 17, 2024


View Desktop Version