Special to the NNPA from the Afro American Newspapers
WASHINGTON (NNPA) - With the signing of yet another historical piece of legislation, President Obama made good on his promise to make higher education more affordable and accessible for all Americans.
The Health Care and Education Reconciliation Act, enacted on March 30, strengthens the Pell Grant program, invests in community colleges, extends support for historically Black colleges and other minority-serving institutions, and helps student borrowers manage their student loan debt by capping repayments at 10 percent of their discretionary income. These efforts will be fully paid for by ending the government subsidies currently given to banks and other financial institutions that make guaranteed federal student loans.
“By removing the bank’s middle men and eliminating millions of dollars in annual subsidies we are able to ensure that students have a more competitive and robust program for entering colleges and leaving them and going on to jobs not burdened so heavily by additional loans,” said Melody Barnes, director of the White House Domestic Policy Council.