Description:
The bill would Increase direct spending for federal student loan programs by $169.9 billion over the 2020-2029 period Increase direct spending for the Federal Pell Grant Program by $83.1 billion over the 2020-2029 period Increase direct spending for other higher education programs by $78.8 billion over the 2020-2029 period Amend and permanently reauthorize the discretionary portion of the Pell grant program, which would increase spending subject to appropriation by $85.4 billion over the 2020-2024 period Estimated budgetary effects would primarily stem from Amending repayment options for federal student loan programs, eliminating origination fees, creating a subsidized loan program for graduate students, and expanding eligibility for Public Service Loan Forgiveness Increasing the maximum Pell grant and indexing the total to inflation Appropriating funds for America’s College Promise, a grant program that would require participating states to eliminate tuition and fees at public two-year institutions Areas of significant uncertainty include Projecting future enrollment in postsecondary education and participation in the federal student aid programs Anticipating responses of students, postsecondary education institutions, and states to changes in the bill Projecting future incomes of borrowers in income-driven repayment and interest rates on student loans
