Arcuri Statement on Passage of HR 3221, The Student Aid and Fiscal Responsibility Act

On September 17, 2009 the House passed HR 3221, The Student Aid and Fiscal Responsibility Act. This bill will transform the way student loan programs operate by boosting federal loan rates across the board, including a $40 billion increase in the PELL Grant Scholarship program. It will keep interest rates low and make loan application forms simpler to understand and complete, doing away with the cumbersome paperwork that now makes applying for aid such a daunting task. The measures included in the Student Aid and Fiscal Responsibility Act that will allow more students in Upstate New York to receive a higher education And will save taxpayers $87 billion over ten years by switching to the cheaper Direct Loan program, according to the Congressional Budget Office. In addition to investing in college aid, this legislation will also direct $10 billion in savings back to the U.S. Treasury to help pay down the deficit.

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