Program Notes
The American Recovery and Reinvestment Act of 2009 provides slightly more than $17 billion to increase in the maximum Federal Pell Grant award to $5,350 in 2009–10 and to $5,550 in 2010–11, and to eliminate the Pell Grant shortfall. This infusion of additional funds will help more students enroll and stay in school, especially those from families who have suffered economic losses. These funds will also help unemployed workers get the training they need to re-enter the job market, help colleges maintain their work force levels, and support local businesses in college communities. In addition, the bill promotes student employment by providing $200 million for the Federal Work Study program; creates a new tax credit that, because it is partially refundable, will help even the neediest families; and encourages use of savings for educational costs by allowing computers to be considered a qualified expense under 529 college savings plans. NASFAA president and CEO Dr. Philip Day expressed heartfelt appreciation to the legislators who worked to pass this bill with a significant boost for students and families paying for college. “We are truly grateful for all the hard work of legislators and their staff who fought to get this bill passed, and maintained the Pell Grant increase, Day said.” The financial aid funding in this bill will pay for itself many times over by enabling students to receive the education and training they need to succeed in the increasingly competitive global economy. “Beyond providing immediate financial relief to students and families struggling to pay for college, this bill is a statement by Congress and the Obama administration that making higher education accessible will be a priority,” Day continued. “The future success of the American economy depends on our ability to produce a highly educated, highly skilled work force. Removing financial barriers to higher education is a crucial step to ensuring that America’s workers get the training they need to drive the American economic engine.” ♦
NASFAA Praises Passage of Stimulus Bill
The National Association of Student Financial Aid Administrators (NASFAA) commended the House and Senate for passing historic legislation to stimulate America’s struggling economy and provide a meaningful investment in college student aid programs.
* Compiled by KMI Media Group staff
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