(Washington, D.C.) – Today, U.S. Senator Patty Murray voted for a
bill that makes significant investments in higher education support for
families in Washington state. The bill invests $523 million over 10
years to increase Pell Grants for Washington state students and allow
them more direct access to student loans. It creates $61 billion in
savings from changes to the student loan program that eliminate wasteful
government subsidies to big banks in the student loan business. The
bill passed the Senate today by a vote of 56-43.
“I was
proud to put Washington state’s students and families ahead of big banks
because I know how important Pell Grants and student loans are for
students who dream of a college education.” Said Senator Patty Murray.
“Without the help of Pell Grants and student loans, my six siblings and I
would never have been able to go to college.”
This
bill increases the maximum Pell Grants scholarships available to $5,550
in 2010 and $5,975 by 2017. Also, all new federal student loans will be
originated through the Direct Loan program instead of through the
federally?guaranteed student loan program beginning in July 2010. The
Direct Loan program is a more reliable lender for students and more
cost?effective for taxpayers.
Washington state
benefits:
- $464 million in additional
Pell Grant funding for Washington state over 10 years. - Washington
state minority serving institutions would receive an increase in funds
of nearly $50 million. - This bill would provide an
additional $10 million in funding for Washington state College Access
Challenge Grants. - Monthly student loan payments will be
more manageable for low- and middle-income borrowers. Monthly payments
will be capped at 10% of a borrower’s salary.
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