On Tuesday afternoon, President Obama signed college affordability provisions to his health-care bill, making higher education more affordable for Americans.
Secretary of Education Arne Duncan thanked the President for his leadership and courage, as well as Congress for ‘doing the right thing,’ in a press conference after the law was signed. “Because of this legislation we can look a child in the eyes… and say that if they work hard, they can pursue their dreams,” said Duncan.
A news release from the White House Office of Media Affairs said the law will lower health care costs for American families and small businesses, raise the maximum Pell Grant (federal grant program), make loan payments more affordable, and increase investments in community colleges, at no additional cost to taxpayers.
When asked how college students will see a difference, Duncan responded that financial aid forms will be simplified, more programs and resources will be accessible, and there will be lower repayment costs for student loans. Starting in July 2014, students will be allowed to cap their repayments at 10% of their income and after 10 years of work in public service (school, government, nonprofit, etc) all student loan balances will be forgiven.
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