Bill is the single largest investment in higher education in history

On Tuesday, July 21st, the House Education and Labor Committee will consider legislation that will make college dramatically more affordable by investing billions of dollars in additional student aid, at no cost to taxpayers. The Student Aid and Fiscal Responsibility Act of 2009 will generate almost $100 billion in savings over the next ten years that will be used to boost Pell Grant scholarships, keep interest rates on federal loans affordable, safeguard federal student loan access for families, and enact President Obama’s key education priorities. The legislation, which was introduced earlier today, pays for itself by making the federal student loan programs more reliable, effective and cost-efficient for students, families and taxpayers.

For more information on the legislation, click here.

H.R. 3221 - The Student Aid and Fiscal Responsibility Act of 2009 was reported favorably to the House with an amendment in the nature of a substitute, and that the Committee authorize the Chairman to transmit the bill, with an amendment in the nature of a substitute, to the Committee on Budget in compliance with Section 310 of the Congressional Budget Act of 1974 as the first part of this committee’s recommendations, pursuant to the reconciliation instruction in S. Con. Res. 13 by a vote of 30 to 17.