Compromise Stimulus Bill Expands College Grants But Not student Loans

Obama Private Student Loans - Compromise Stimulus Bill Expands College Grants But Not student Loans

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After weeks of back-and-forth political jockeying over President Obama's proposed economic stimulus package, Congress placed on a compromise bill that offers extensive federal grants and tax benefits to college students, along with funding for states to restore instruction allocation cuts and for study institutions to expand their development.

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Obama Private Student Loans

Overall, the final stimulus bill will deliver between billion and billion to higher education, estimates Inside Higher Ed.

No Stimulus Help for pupil Loans

In old years, non-federal secret pupil loans have offered undergraduate and graduate students a source for supplementary financial aid that they could use to supplement their federal pupil loans and grants. But in the face of the current credit freeze, most lenders of secret pupil loans have suspended their private-loan programs or plainly gone out of firm altogether.

Those few lenders that still offer secret pupil loans have tightened their credit criteria to the point that many students and families can no longer qualify - especially as borrowers' credit scores continue to take hits from foreclosures, missed bill payments, and canceled credit cards.

In the current economic environment, with unemployment climbing, home equity largely gone, the value of investments and college savings plans evaporated, and secret pupil loans hard to come by, more and more families are looking themselves unable to meet tuition and other college costs on federal pupil aid alone.

To help the growing whole of cash-strapped students who will need supplementary financial aid on top of federal grants and pupil loans, the House of Representatives, in its version of the stimulus bill, had proposed to growth borrowing limits by ,000 on unsubsidized federal college loans, which are ready to eligible undergraduate and graduate students regardless of their financial situation.

The Senate version of the stimulus legislation, on the other hand, would have injected million into the federal Perkins pupil loan program, providing supplementary funding for those subsidized federal college loans targeted at the neediest students,.

But the compromise bill does neither. The stimulus funds for higher instruction will go toward extensive grants, work-study, and tax benefits, with no money earmarked for federal pupil loans.

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