Cicilline Highlights Anniversary of Historic College Aid Package for More than 36,000 Rhode Islanders

Landmark Law Increases Pell Grants for 36,251 Students in Rhode Island, Making College More Affordable 

WASHINGTON, DC– This week, Congressman David Cicilline marks the one year anniversary of the passage of the largest investment in college aid in our nation’s history –the Student Aid and Fiscal ResponsibilityAct –at no cost to America’s taxpayers.  Instead, this investment is paid for by eliminating taxpayer subsidies to banks and reduces the deficit by $19 billion over 10 years.

“The Student Aid and Fiscal Responsibility Act is making college more affordable for millions of American students – helping to prepare America’s young people for the jobs and careers of the 21st century,” said Congressman Cicilline, “These investments are made at no cost to U.S. taxpayers and instead are paid for by getting rid of wasteful taxpayer subsidies to America’s banks.”

The law invests $76 million over the next 10 years to increase Pell Grants in Rhode Island – helping 36,251 students in Rhode Island who receive them. Among its provisions, it increases the maximum Pell Grant to $5,550 in 2010 and to $5,975 by 2017. 

“Pell Grants are an exceptional public service that our own Senator Claiborne Pell created so that anyone in our country can obtain a higher education,” continued Cicilline. “But at a time when college costs are on the rise, Congressional Republicans insist on making devastating cuts to these grants that enable thousands of students in Rhode Island and millions of young people across the nation to go to college who otherwise would not be able to attend. That’s why I’m fighting for our students here in Congress to protect this historic achievement so that anyone who wants to obtain a higher education has the tools to do it.”

The  Student Aid and Fiscal Responsibility Act  invests $750 million in initiatives that bolster college access and completion support, including initiatives to help institutions retain their students.  The bill will result in $7.5 million over the next five years for these initiatives for students in Rhode Island.

The new law also makes federal student loans more affordable for borrowers to repay – strengthening the Income-Based Repayment program that Congress created in 2007. 

Finally, the legislation makes student loans more efficient, reliable and stable – by converting all new federal student lending to the stable, effective and cost-efficient Direct Loan program.  This saves taxpayers billions of dollars and improves the loan program for students.