"President Joe Biden’s student loan agenda would be all but obliterated by the U.S. debt legislation passed by House Republicans, dooming his mass cancellation, scrapping a more generous loan repayment option and permanently barring future regulation around student debt," The Associated Press reports.
..."The impact of the bill could go far beyond student debt. The Education Department estimates it would require a 22% budget cut across some of its biggest programs.
The department estimates it would need to cut federal Pell Grants — grants to students with significant financial need — for 80,000 college students, and the maximum grant amount would be reduced by $1,000 for all other borrowers. It would also bring a $4 billion reduction in federal money for the nation’s poorest schools, and cut other money for student mental health.
The Pell reduction “annihilates the educational dreams of millions of Americans,” said Justin Draeger, president and CEO of the National Association of Student Financial Aid Administrators."
NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.
Publication Date: 4/28/2023