Today President Obama signed into law another landmark achievement of his administration, the single largest investment in higher education in the history of this country. Among the backdrop of Northern Virginia Community College, President Obama led America in a huge step forward to regain the lost ground of the last decade in higher education and the economy.
The law eliminates 68 billion dollars in subsidies to private bankers and directly invests in higher education reform. 36 billion dollars will be allocated to increase Pell grant scholarships. 2 billion is earmarked for a competitive grant program for educational career training programs at our nation’s community colleges. 2.5 billion is set aside for historically black colleges and universities and 750 million for access and completion support. The law also provides for a cap on annual student loan repayment based on income to allow graduates to focus on savings and other expenses.
This is just another win in a round of recent victories for America’s youth. With the passage of healthcare reform, young people are afforded more protections against insurance company abuses, and the ability to stay on their family insurance policy has been increased from age 21 to 26.
Thanks to Congressmen Steve Cohen, Jim Cooper, and Bart Gordon, and all Tennesseans who fought for these reforms.
Posted in Press Releases