Friday January 30, 2009
Financial Aid
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As the cost of college tuition continues to rise, it is becoming increasingly difficult for families to pay for these expenses. In order to meet the needs of a competitive job market, the importance of providing youth with the opportunity to enhance their education has grown tremendously.
The maximum Pell grant has increased from $3,000 in 1998 to $4,050 in the Senate-passed version of the fiscal year (FY) 2004 Department of Labor, Health and Human Services, and Education Appropriations bill. This represented a 35 percent increase in just five years. For the award year of 2007-2008 the maximum Pell Grant Award is $4,310. The maximum award for the 2008-09 award year (July 1, 2008 to June 30, 2009) is $4,731. The maximum can change each award year and depends on program funding. The maximum grant is to increase to $5,400 by 2012.
Congress works with bank lenders, guarantors, students, parents, and college administration officers to make the loan program more effective, efficient and accessible to students.
The Congressional Research Service (CRS) maintains a website for students searching for financial aid. It includes an overview of federal student aid programs, links to private scholarship information and information for parents. It can be an invaluable resource when planning on how to finance a college education.
I have worked in Congress to make it easier for students and families to save for college. In 2006, I led an effort to ensure that families were able to save for college tax free. I worked to ensure that the tax benefits of 529 College Savings Plans were made permanent, so that families could confidently plan for the future while receiving significant tax benefits when saving for college. Click here to read more.
In addition to loans, millions of dollars in educational grants and scholarships are awarded to students throughout the country.
I will continue to work in a fiscally responsible manner to ensure educational programs receive the funding they need to best serve Idaho's students.
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