Northern Marianas Congressman Gregorio “Kilili” Camacho Sablan, a member of the Committee, was one of 22 original co-sponsors of the bill and voted for passage by the Committee.
The Student Aid and Fiscal Responsibility Act, H.R. 3221, will boost Pell Grant scholarships, lower interest rates on federal tuition loans, create a more reliable and effective financial aid system for families, and enact President Obama’s key education priorities.
The bill generates $100 billion in savings for the federal government by cutting out the middleman in tuition loans, making all student loans directly to students instead of making students and their parents go through a bank.
“The $100 billion in savings will mean lower interest rates on student loans,” says Sablan, “and larger Pell grants. Interest rates should average about 6.3% through 2015.
“And the maximum annual Pell Grant scholarship will increase to $5,550 in 2010 and $6,900 in 2019.”
In addition to making college more affordable for individual students, the bill is also aimed at aiding community colleges, such as the Northern Marianas College. It sets up competitive grant programs to help community colleges repair and renovate their facilities. There are grants to encourage pilot programs to increase college access and completion. Other grants will help place older students and returning military personnel into community college job training programs.
During the Committee’s mark-up of the bill Congressman Sablan successfully offered an amendment correcting an oversight that would have excluded the Northern Marianas from some of these community college competitive grants.
“Committee mark-up is the time to fine tune legislation and make technical corrections,” said the NMI Congressman. “Getting my amendment passed is a very good example of why the Northern Marianas needs representation in Congress.
“Getting my amendment adopted also shows why a seat on the Education and Labor Committee is strategically important if we want to make a difference for the Northern Marianas that will last 30, 50 years into the future.”
The bill adopts most of President Obama’s education agenda for 2010.
Because in addition to investments in higher education H.R. 3221 provides support for the youngest students, too. Building on proposals included in the President’s budget, the bill establishes the Early Learning Challenge Fund, a competitive grant program that challenges states to build a comprehensive, high-quality early learning system for children from birth through age five.
To view a summary of the legislation, go to: http://edlabor.house.gov/blog/2009/07/student-aid-and-fiscal-respons.shtml
For more details on:
•How this legislation will help students and families, go to: http://edlabor.house.gov/blog/2009/07/safra-whats-in-it-for-you.shtml
•For more details on covering to Direct Loans, go to: http://edlabor.house.gov/blog/2009/07/safra-reliable-affordable-coll.shtml
•For more details on how this bill will strengthen community colleges, go to: http://edlabor.house.gov/blog/2009/07/safra-groundbreaking-community.shtml
•For more details on investments in early education, go to: http://edlabor.house.gov/blog/2009/07/safra-preparing-the-next-gener.shtml
