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Mr. Franks favors expanding Pell grants for needy students and raising the tuition tax credit for parents up to $10,000.
Aides said negotiations over the weekend faltered somewhat over the push by Democrats to get $8 billion of the cuts from automatic spending in programs like transportation, health care, Pell grants for needy college students and agricultural subsidies.
The award: a $17,500 institutional grant, a $5,350 Pell grant (the maximum for the 2009-10 academic year) and $3,250 in other federal grants for needy students for a total of $26,100 in grant money.
(Until 2010, banks received guaranteed subsidies from the federal government to make student loans, while the government assumed nearly all the risk. When the program was overhauled by the Obama administration, billions of dollars in bank profits were redirected to support Pell Grants for needy students).
It was a course I paid for, in part, with a Pell Grant, a program always and as ever championed by "my senator," Ted Kennedy, a program so dear to Barack Obama's heart that increasing the maximum amount of Pell Grants for needy students was the first bill he introduced upon arrival in the United States Senate.
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Almost a quarter of federal Pell grant funds for needy students go to for-profit education, according to a new analysis by the research firm Student Lending Analytics.
In the last two years, colleges have increased their grant aid for needy students by 19percentt and limited tuition increases to the lowest rate in almost three decades.
That's why President Clinton proposes a $1 billion increase for student aid, including Pell grants for the neediest students, new college completion challenge grants and other initiatives to help students afford and stay in school.
So any change that benefits borrowers means an offsetting cut someplace else, perhaps in Pell Grants for the truly needy.
SBJ has also said it would donate $2.5 million to a housing trust fund that the town could use for such purposes as subsidizing mortgages or providing grants for down payments for needy families.
Instead he would increase spending for government Pell Grants to needy students, and for the first time index the maximum yearly grant for inflation.
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