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Since the onset of him taking office, the president has put emphasis on education. He has raised the amount funded by the Pell grant, and there is currently a bill in the works to increase this grant even more.
The current maximum Pell Grant is $5,550, and in fiscal 2009 approximately $25 billion is slated for Pell Grants. And with this increase more students will qualify, especially the middle class families. This increase in education funding is contingent upon the Senate passing this bill, which would put an end to a federal program that subsidizes private lenders, who provide federally guaranteed student loans. The government would essentially be cutting out the middlemen and directly lending to students.
By doing this, an estimated $80 billion could be saved by the government over 10 years for education and half of that would go to Pell grants. The bill will help student aid programs finally serve the interests of students and alleviate difficulties in paying for college, said Melissa Salmanowitz, spokeswoman for the House Education and Labor Committee.
Unfortunately, though, the cost of college is rapidly increasing. But those who are seeking financial aid should do everything they can to find it, including checking out the accredited online schools to see what they have to offer.
In the end, it will be interesting to see if this gets passed or not, due to the fact that I am sure private loaning groups that are now making all this money by playing the middleman are sure to lean on the senate members to kill this bill.
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