Yesterday marked the anniversary of the historic college aid package, which is the largest investment in college aid in our nation’s history.

“The Student Aid and Fiscal Responsibility Act is making college more affordable for millions of American students – helping the 536,983 students in New York who receive Pell Grants, preparing our young people for the jobs and careers of the 21^st century,” said Rep. Clarke.  “I am proud to say that this legislation invests $123,757,455 in New York’s 11th Congressional District and $698,164,872 in the state of New York over 10 years to increase the maximum annual Pell Grant scholarship.  Among its provisions, it increases the maximum Pell Grant to $5,550 in 2010 and to $5,975 by 2017.”

The law also invests $750 million in initiatives that bolster college access and completion support, including key efforts to help institutions retain their students.

Rep. Clarke adds, “This landmark law also invests $118,510,430 in Historically Black Colleges and Universities and Minority-Serving Institutions in New York, providing students with the support they need to stay in school and graduate.”

The law also makes federal student loans more affordable for borrowers to repay – strengthening the Income-Based Repayment program that a Democratic-controlled Congress created in 2007.  Finally, the legislation makes student loans more efficient, reliable, and stable – by converting all new federal student lending to the stable, effective and cost-efficient Direct Loan program.  This saves taxpayers billions of dollars and also improves the loan program for students. 

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