Evan Bayh: “included within this budget reconciliation bill are provisions that make significant changes to the federal student loan…”

“included within this budget reconciliation bill are provisions that make significant changes to the federal student loan programs. Like others, I strongly support the provisions that increase funding for Pell grants. These grants form the foundation of Federal student aid, and do much to increase college access. Other provisions in the bill and the Higher Education Act also are important to students. As students increasingly look to Federal student loans to cover the costs of their college education, they are in need of federally supported services that help students to make well-informed financial decisions. In this bill, section 2103 extends and roughly doubles the authorization, to $150 million annually, for the college access challenge grants, CACG. The CACG authorizes States who receive funding under the CACG to provide subgrants to guaranty agencies to assist students and families with such services as early awareness and outreach, financial literacy, debt management, and loan counseling to impact the ability of students to successfully manage their student loan obligations and start off their postcollege and professional lives on the right foot.”