Bill Provides $150 Million to Upper Manhattan to Increase College Grant Amounts and Student Eligibility.
Congressman Charles B. Rangel voted today in support of legislation that would make college more accessible to individuals, improve student loan programs and early childhood education, and prepare students for 21st century jobs, while reducing the federal deficit. The Student Aid and Fiscal Responsibility Act (H.R. 3221) passed the House and will now go to the Senate for consideration.
The bill invests $150.3 million in Upper Manhattan to increase the maximum annual Pell Grant scholarship from $5,350 today to $5,550 in 2010 and to $6,900 by 2019. The bill also makes 28,232 students in the community eligible for Pell grant awards for the 2010-11 academic year.
The bill will save American taxpayers $87 billion over 10 years by having all new federal student loans originate through the more cost-effective Direct Loan program. In addition, the legislation directs $10 billion in savings to go toward reducing the national deficit.
"Education is, in my opinion, the most critical factor that determines the future well-being of our community, and this bill reduces the financial roadblocks and other challenges that deny our youth the opportunity to learn, succeed, and overcome the threats to their hopes and dreams," Congressman Rangel said.
The bill would invest at least $8.9 million a year in New York State for the next five years to bolster college access and completion support programs. It would also keep federal student loan interest rates low, make it easier to apply for financial aid, and invest $2.55 billion nationally toward Historically Black Colleges and Universities and Minority-Serving Institutions to help students stay in school and graduate.
Additionally, the bill would encourage community-college partnerships that prepare individuals for 21st century jobs, increase the number of children from low-income families that enter kindergarten, and provide funds to modernize, repair, and upgrade school facilities.
"My home, New York City, graduates only 45.2 percent of its students and has 200,000 disconnected youth ages 16 to 24 who are not in school and without employment," Congressman Rangel said. "As someone who, through the GI Bill, was transformed from a high school dropout to a college graduate and lawyer, I have been concerned with disparities in education all of my life. That is why I am so supportive of the bill we passed today."
For years, Congressman Rangel has advocated for improving education as the nation's greatest priority and encouraged educational partnerships with corporate foundations. He has worked to secure millions of dollars in foundation grants for Upper Manhattan to improve middle school education, boost performance in science and math, and award computers to needy schools. He has worked to boost representation of poor and minority students in the field of public service and secured funds to provide job training to returning veterans from Iraq and Afghanistan.
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