Rep. Foster Votes For Largest Investment In Student Aid At No Cost To Taxpayers

Continuing his efforts to make a college education attainable for more American students, Rep. Bill Foster (IL-14) voted in favor of the Student Aid and Fiscal Responsibility Act today, which passed by a bipartisan vote of 253-171. Foster also voted in favor of a Republican amendment, the Defund ACORN Act, which prohibits any federal funding from going to ACORN. This amendment was adopted by a bipartisan vote in the House.

"Ensuring that young people have access to a quality and affordable education is a critical component of our nation's long-term economic recovery," said Foster. "By obtaining a college education or receiving career training, the young adults of today will become the highly trained workforce of tomorrow, promoting our nation's future competitiveness and technical innovation."

H.R. 3221 is the largest single increase in college aid in American history, designed to help students and families pay for college. The Student Aid and Fiscal Responsibility Act will expand access to an affordable college education to more American students, transform early education opportunities and build a world-class community college system.

This legislation makes significant investments in education with no cost to the taxpayer. The program is paid for by savings resulting from "cutting out the middle man" and providing government loans directly to individuals. According to the nonpartisan Congressional Budget Office, by reforming the federal loan system, this legislation will save taxpayers $87 billion over ten years. Of this savings, $77 billion will be invested back into education, and approximately $10 billion will be returned back to the Treasury to reduce entitlement spending.

The bill also increases government grant and loan assistance for college tuition payments. Pell Grants, which are currently distributed to more than 7 million students, will increase to $6,900 by 2019 from $5,350 today. This increase in the Pell Grant amount means that $55.2 million will be invested in the 14th District of Illinois, and for the 2010-2011 academic year, 12,501 students in the 14th District will be eligible for a Pell Grant award. The legislation also keeps interest rates low on government subsidized loans, makes substantial investments in early childhood education, expands the Perkins low-cost loan program to every U.S. college and simplifies the process of applying for student financial aid.

"I am pleased to support this legislation so that more students are able to receive career training and obtain college degrees, investing in the future of our country," said Fo

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