With a not-so-great economy and less than perfect job market, paying for college can become quite the task. President Obama is looking to make an investment in the United State's future and economy by making college affordable. No one should be denied a college education simply because they cannot afford it's cost. The Student Aid and Fiscal Responsibility Act should produce more college graduates than ever by 2020 at no cost to tax payers.This bill will make an investment of $36 billion over a ten year period to maximize the amount of Pell Grants awarded to students. Along with investing $750 million to increase college access and boost support for students to finish college. SAFRA will also make student loans more affordable when it comes to repayment. Money will be invested in Historically Black Colleges and at minority serving institutions to help students stay in school. Two billion dollars will also provide grant programs to community colleges for educational and career training programs.
The Student Aid and Fiscal Responsibility Act will convert all new federal student lending to stable, effective, and cost-efficient Direct Loan programs as of July 1, 2010. The Direct Loan program is a very reliable lender for students and is a more cost efficient program for taxpayers. This bill should also help keeps jobs in America. This bill is fiscally responsible and will save taxpayers $61billion over a ten year period and will reduce the deficit by at least ten billion dollars over a ten year period.