February 17, 2009

Stimulus bill – the final version

Posted in Graduate Students, Grants, Legislation Affecting Students, Parent PLUS Loans, Scholarships, Stafford Loans, Student Loan News, The Financial Aid Process tagged at 2:26 PM by Joe From Boston


With President Obama set to sign the bill (likely today), here’s what’s in the final draft, according to NCHelp.org:

Concerning provisions of interest to higher education and student lending, the measure would:

  • Provide $15.6 billion in Pell Grant appropriations.
  • Increase the maximum Pell Grant by $500 for 2009-10 for a maximum of $5,350; funding is also reflected to be sufficient to increase the maximum Pell Grant for 2010-11 by $500 to a maximum of $5,550.
  • Allocate $200 million additional funding for Federal Work Study programs.
  • Not subject private activity bonds issued in 2009-10 to the Alternative Minimum Tax and clarifies refunding exemption for bonds.
  • Increase the Hope Scholarship tax credit and make it partially refundable (40 percent).
  • Provide $74 million to the Department of Education for student aid administration and audits and investigations.
  • Create a $53.6 billion state stabilization fund.

The bill does NOT include an increase in the unsubsidized Stafford loan limit.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: