Katie Porter: “Mr. Chairman, the bill contains the largest single year increase in Pell grants ever and raises the maximum grant to the…”

“Mr. Chairman, the bill contains the largest single year increase in Pell grants ever and raises the maximum grant to the highest level in history, $2,440. This is the program that provides access to the most financially needy students in America who would otherwise not be able to afford to go to college. The bill fully funds the supplemental educational opportunity grants at the President's request and at the 1995 level. The bill fully funds the work study program at the President's request at the 1995 level. The bill fully funds the TRIO program at the President's request at the 1995 level. That is over $7 billion in student assistance and it is all grant assistance, not loans that have to be repaid. As the gentlewoman from New York notes, we have reductions in funding for two programs which together previously represented less than 3 percent of Federal student financial assistance in this bill. The Perkins loan program is a revolving loan program that already has $6 billion in assets in it. I might note that the President himself proposed terminating capital contributions for this program last year as we have done in this bill. The Perkins funds are funds that are controlled and matched by over 2,000 participating schools. Loans are made by the schools and when they come into repayment, new loans are made. Our bill in no way affects the $6 billion in those revolving loan funds.”