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Heinrich Votes To Make College More Affordable For New Mexicans; U.S. House Passes Student Aid And Fiscal Responsibility Act

Press Release

Date: Sept. 17, 2009
Location: Washington, DC
Issues: Higher Education

U.S. Representative Martin Heinrich (NM-1) voted today to make historic investments in our economic future by improving early education opportunities and making college dramatically more affordable -- and all at no cost to taxpayers. H.R. 3221, the Student Aid and Fiscal Responsibility Act (SAFRA) passed the House of Representatives by a vote of 253 to 171.

"Attending college shouldn't come with the burden of lifelong debt," said Rep. Heinrich. "By expanding educational and career training opportunities for all New Mexicans, we are preparing them to succeed in the global economy. This bill is a landmark investment in our economic future."

The Student Aid and Fiscal Responsibility Act would:

* Provide reliable, affordable, high-quality Federal student loans for all families
* Prepare students and workers for 21st century jobs by providing all Americans with the skills and resources they need to compete
* Promote early learning standards reform to ensure the next generation of children enter kindergarten with the skills they need to succeed in school
* Saves taxpayers $87 billion over ten years by switching to the cheaper Direct Loan program, according to the Congressional Budget Office
* Boost the fiscal health of the country our children will inherit by paying down the deficit by $10 billion.

Over the next ten years, more than $97.3 million would be invested in the First Congressional District of New Mexico (NM-1) to increase the maximum annual Pell Grant scholarship to $5,550 in 2010 and to $6,900 by 2019. Starting in 2011, the scholarship will be linked to match rising costs-of living by indexing it to the Consumer Price Index plus one percentage point. This not only increases the award students are eligible for, but also increases the number of students eligible for an award. In NM-1, 22,629 students will be eligible for a Pell Grant award in the 2010-2011 academic year.

"This bill dramatically increases access to financial aid, while making federal programs simpler, more reliable, and more efficient for New Mexico's students," said Rep. Heinrich.

Read the entire Student Aid and Fiscal Responsibility Act.


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