Student Aid and Fiscal Responsibility Act
Democrats have provided the single largest investment in aid to help students and families pay for college in history, and at no cost to taxpayers. This legislation reforms the system of federal student loans to save taxpayers $87 billion – and then invest $77 billion of those savings back into education, particularly by making college more affordable, and directs $10 billion back to the Treasury to reduce entitlement spending. Among its many provisions, it increases the maximum Pell Grant from $5,350 in 2009 to $5,550 in 2010 and $6,900 in 2019 and keeps interest rates low on subsidized federal student loans. (Passed the House)