Fighting for Students and Their Families
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Decreasing the Burden of Debt
- Cuts federally subsidized loan interest rates in half, saving the average student approximately $4,400 over the life of their loans
- Creates a new Income-Based Repayment program that allows student loan borrowers to repay their federal loans as a percentage of their income
- Increases the amount of money undergraduates can borrow in unsubsidized Stafford loans each year by an additional $2,000
Fighting for Tax Breaks and Increasing Pell Grants
- Includes a new “American Opportunity” tax credit of up to $2,500 of the cost of tuition and related expenses paid during the taxable year
- Increases the maximum Pell Grant Scholarship award to $5,350 for the 2009-2010 school year
Rewarding Students Who Choose Public Service
- Creates the Loan Forgiveness for Public Service Employees Program, which provides federal student loan forgiveness after 10 years of public service in careers including social work, public interest law services, military service, public safety and law enforcement
Cracking Down on Predatory Lending
- Provides much needed transparency for students seeking private financing for their education by requiring clearer disclosures on the terms and conditions of private student loans
Giving Back to Our Veterans
- Fully pays post-9/11 veterans’ tuition fees and provides them with an annual $1,000 stipend for books and supplies, and a monthly housing allowance
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