Washington, DC—Congressman Steve Cohen (TN-9) voted today to make the single largest investment in federal student financial aid to help Ninth District constituents of all ages pay for college.

 

H.R. 3221, The Student Aid and Fiscal Responsibility Act (SAFRA), will expand access to an affordable college education, transform early education opportunities, and build a world-class community college system.

“This is an important bill to help education in our country and will help all those who want a college education to turn that dream into a reality. The historic increases in Pell grant funding will help students who need more money to make it through college. It will also invest in our elementary, middle and high schools and community colleges, like Southwest, so that they can make improvements to classrooms and provide a 21st Century education. The bill also will help to keep the doors of opportunity open at historically black colleges and universities, like LeMoyne-Owen, who are suffering a great deal during these tough economic times by providing greater federal aid to help students,” Congressman Cohen said.

“This bill also contains a number of common sense reforms to student financial aid that are long overdue and will ultimately save billions of dollars. For instance, it simplifies the FAFSA form needed to obtain federal student aid and also used in applying for Tennessee Lottery Scholarships,” Congressman Cohen said. “SAFRA also offers a second chance to those students who have a minor drug conviction so that they can continue to receive loans and scholarships and continue with the college education.”
 
SAFRA will change the way the student loan system functions by originating new loans through the government’s Direct Loan program, but will maintain competition among private lenders and non-profits to provide top-notch customer service for student borrowers. This simple change will make college loans more reliable for students and families -- and ensure that loans operate in the best interests of borrowers by reducing many of the potential conflicts of interest that exist in the current loan system. 

The bill also significantly increases government grant and loan assistance for college tuition payments. Pell Grants will increase to $6,900 by 2019 from $5,350 today. SAFRA also keeps interest rates low on government-subsidized loans, makes substantial investments in early childhood education, expands the Perkins low-cost loan program to every college nationwide, and simplifies the process of applying for student financial aid.

“With tuition costs at both public and private colleges on the rise even as families struggle through a difficult economy, I’m pleased we could expand critical opportunities for higher education in this country,” Congressman Cohen said. “Allowing our students to graduate with a better education and less debt is the best way to insure that our nation’s workers remain competitive long into the future.”



________________________
Steven Broderick
Communications Director
Congressman Steve Cohen (TN-9)
1005 Longworth House Office Building
Washington, DC 20515
Direct: 202-226-7916
Main: 202-225-3265
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