The U.S. House of Representatives passed the Student Aid and Fiscal Responsibility Act (SAFRA) on Thursday, with a vote count of 253-171. The SAFRA bill, should it pass the Senate, would represent the most significant piece of college finance legislation in decades.
Among the primary provisions of the SAFRA bill are:
- Increasing the Pell grant annually, starting with $5,550 in 2010 and maxing out at $6,900 in 2019.
- Keeping subsidized loan rates low, by changing them to a variable rate in 2012.
- Increasing access to the Perkins Loan program.
- Further simplifying the FAFSA form.
- Investing $2.55 billion in historically Black and minority colleges.
- Expanding access to kindergarten and early education programs.
To learn more about the SAFRA bill, visit the House Committee on Education and Labor's website.