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Speaker Nancy Pelosi, Marc Anthony, Jennifer Lopez, and Nydia Velázquez | by Speaker Nancy Pelosi
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Speaker Nancy Pelosi, Marc Anthony, Jennifer Lopez, and Nydia Velázquez

Speaker Pelosi, Congressional Hispanic Caucus Chair, Nydia M. Velázquez, and Democratic Caucus Vice Chair Xavier Becerra met with Marc Anthony and Jennifer Lopez this afternoon to discuss education in the Latino community and the historic college affordability legislation the House will consider this week.

 

Now more than ever, students and families need reliable, stable forms of federal student aid to pay for college. Our goal is to make our federal student loan program more cost-effective and efficient for those they were intended to serve: students and families working hard to pay for college, and our taxpayers. Reforming our student aid programs will not only made loans more dependable for students, but will generate significant savings that can be used to invest in making college more affordable and other education priorities.

 

This week, the House will consider the Student Aid and Fiscal Responsibility Act (HR 3221) -- the single largest investment in aid to help students and families pay for college in history, and at no cost to taxpayers. The legislation reforms the system of federal student loans to save taxpayers $87 billion - and then invests $77 billion of those savings back into education, particularly by making college more affordable, and directs $10 billion back to the Treasury to reduce entitlement spending. Among its many provisions, it increases the maximum Pell Grant from $5,350 in 2009 to $5,550 in 2010 and $6,900 in 2019 and keeps interest rates low on subsidized federal student loans.

 

Learn more about the legislation at

www.speaker.gov/newsroom/legislation?id=0335.

 

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Taken on September 16, 2009