Vote to adopt a substitute amendment that lowers student loan interest rates, provides grants to African-American and Hispanic students and a number of other provisions.
Reduces the fixed rate of student loan interest from 6.8 percent to 3.4 percent (Sec. 8).
$59 million in grants to expand and improve graduate degree opportunities for Hispanics and low-income students (Sec. 13).
$25 million in grants to assist "predominantly black institutions" to expand an encourage further education opportunities for low and middle-income African-American students (Sec. 5).
NOTE: THIS IS A SUBSTITUTE AMENDMENT, WHICH REPLACES THE ENTIRE TEXT OF THE LEGISLATION WITH A NEW TEXT. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.