U.S. Congressman José E. Serrano ~ Representing the people of the 16th District of New York

Serrano Applauds Student Loan Reform Bill: Cites Important Provisions for His Bronx Constituents

March 31, 2010 – Washington, DC – Congressman José E. Serrano applauded the new student loan reform and Pell grant provisions signed into law this week by President Obama, which will make college more affordable for students and particularly help the African-American and Latino communities access higher education.

“For too long, costs for higher education have made college a huge financial stretch for Bronx students, but with this new reform package, the government is extending a helping hand,” said Serrano. “I am so gratified that these reforms were included in the health care reconciliation package so as to overcome Republican filibusters in the Senate. Bronx families whose children have achieved the dream of going to college need help, and this bill will address that need.

“I am particularly pleased that the reform package will direct $2.55 billion in funds to Historically Black Colleges and Universities, Hispanic Serving Institutions, and other Minority Serving Institutions. These are some of the very places where the best and brightest from our borough go to college to continue their rise to the top. Helping these educational institutions is a huge help to our community and I must applaud President Obama for ensuring this happened.

“For those who are getting started or continuing in their college careers at a community college like Hostos or Bronx Community College, this package will help them too. Not only will their loans be subsidized at a better rate, and their Pell Grants will be increased, but the community college system will be receiving $2 billion in new funding. This is a historic investment in our nation’s future, and our children’s education.”

Key points:

• This is the largest single investment in higher education in American history.
• Provides more than $2 billion in investments in community colleges in the next four years, ensuring that these critical institutions – which today serve more than 6 million students – can continue to grow and thrive.
• Authorizes $2.55 billion worth of funds for Historically Black Colleges and Universities, Hispanic Serving Institutions, and other Minority Serving Institutions
• Provides $40 billion in Pell Grant funding and will increase those grants with inflation to help students pay for college in years to come.
• Beginning in the summer of 2014, no new borrower will need to pay more than 10 percent of his or her discretionary income in loan repayments and students who keep up their payments will have their remaining debt forgiven after 20 years.
• Students who pursue a career in public service—like teaching, nursing, or the military—will be able to qualify for debt forgiveness after 10 years.

“This bill marks a turning point in our nation’s commitment to higher education.” Serrano added. “We are saying to our families ‘we will help all children access higher education, because we do not believe it is simply for those that can afford it.’ That is historic in and of itself. The President and Democrats campaigned on a message of change in 2008, and this is yet another fulfillment of that promise.”

###

WASHINGTON OFFICE
2227 Rayburn House Office Building
Washington, D.C. 20515-3216
(202) 225-4361
Fax: (202) 225-6001

BRONX OFFICE
1231 Lafayette Ave, 4th Floor
Bronx, NY, 10474
(718) 620-0084
Fax: (718) 620-0658

Print Page