The agreement will deliver permanent federal funding to some of the least-resourced colleges and universities while streamlining the process for applying for federal financial aid.
President Trump on Thursday signed into law bipartisan legislation to restore millions of dollars in federal funding to minority-serving colleges and streamline key parts of the federal student aid system.
The move brings to an end months of political wrangling over the extension of $255 million in spending for tribal colleges, Hispanic-serving institutions and historically black colleges and universities that expired Sept. 30. It ushers in permanent annual funding for the schools, and an easier way for borrowers to enroll in income-driven student loan repayment plans and for students to apply for financial aid.
Senate Education Committee Chairman Lamar Alexander opposed the bill’s plan to pay for a two-year extension of the funding by eliminating a subsidy for guaranty agencies that insure some federal student loans. He also argued Congress should work on a long-term solution for funding minority-serving schools as part of a package of higher education proposals he introduced this year.
Consumer advocates say the improvements to the federal aid system could encourage more students to complete the Free Application for Federal Student Aid — widely known as FAFSA — the gateway to education grants and loans. Students can bypass up to 22 questions on the form by giving permission to the IRS and Education Department to share tax return data.
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