Panel Backs $17.5-Billion Education Bill
The Senate Labor and Human Resources Committee Wednesday unanimously approved a bill authorizing $17.5 billion for federal student aid and higher education programs.
The legislation, a seven-year reauthorization of the Higher Education Act, would change the Pell Grants program gradually over five years.
Now, a student showing financial need may obtain a maximum federal grant of $2,400. The bill would make the discretionary program an entitlement and authorize a $3,600 maximum grant for fiscal 1994, with $200 annual increases thereafter.
“For those who rely upon federal student aid to bring a college education within their reach, our bill does much,” said Sen. Claiborne Pell (D-R.I.), whose legislation created the program.
Other provisions would:
--Increase loan limits for the guaranteed student loan program. Total undergraduate limits would increase to $21,000 from $17,250, and total graduate limits would increase to $66,000 from $54,750.
--Streamline the process for determining need, with one need analysis for all federal programs. Application forms also would be simplified.
--Award college scholarships of up to $5,000 per academic year for up to three years to individuals who agree to teach in return for the aid.
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