See How Your Politicians Voted
Title: Student Aid Program Modifications
Vote Smart's Synopsis:
Vote to pass a bill that modifies the way in which student loans are allocated and appropriates funds for various education-related projects, programs, and institutions.
- Prohibits the making or insuring of any new loans under the Federal Family Education Loan Program after June 30, 2010 (Sec. 201).
- Establishes the Federal Direct Perkins Loan Program and sets the interest rate on loans made under the program at 5 percent per year (Sec. 221).
- Makes up to $6 billion of annual loan authority available for purposes associated with the Federal Direct Perkins Loan Program (Sec. 224).
- Appropriates $2.03 billion for fiscal year 2007-2008 and $2.73 billion for fiscal year 2008-2009 to finance an increase in Federal Pell Grants and provides for Federal Pell Grant amounts to be adjusted for inflation in award year 2011-2012 and each subsequent award year (Sec. 101).
- Appropriates $2.02 billion for grants for public school facility renovation, modernization, and repair (Sec. 345).
- Appropriates $1 billion per year for early education projects for fiscal years 2009-2010 to 2016-2017 (Sec. 409).
- Appropriates $730 million per year for the American Graduation Initiative for fiscal years 2009-2010 to 2012-2013, and $680 million per year for fiscal years 2013-2014 to 2018-2019 (Sec. 501).
- Appropriates $600 million per year from fiscal year 2009-2010 through fiscal year 2013-2014 to be distributed as grants to organizations and programs related to expansion of access to and completion of higher education (Sec. 102).
- Appropriates $50 million for fiscal year 2009-2010 for technical assistance to institutions of higher education to aid in the establishing and administering of loan programs, and authorizes appropriations for unspecified "necessary sums" to be used for the same purposes for fiscal years 2011-2014 (Sec. 216).
- Appropriates $30 million for supplemental grants for public school modernization, renovation, repairing, and construction in the states of Alabama, Mississippi and Louisiana, and specifies that an amount equal to the damages inflicted on public school facilities during Hurricanes Rita and Katrina in each district shall be allocated to the relevant local educational agencies in affected areas (Secs. 322 & 345).
- Mandates that all iron, steel and manufactured goods used for renovation, repair, construction, and modernization projects funded by this act must be produced in the United States, unless the Secretary of Education finds this requirement is "inconsistent with the public interest" (Sec. 336).
- Prohibits federal funding or assistance from being provided to an organization which is found to have violated state or federal campaign finance or election laws, and specifically names the Association of Community Organizations for Reform Now (ACORN) and affiliated organizations as ineligible for federal funding or assistance (Sec. 602).
- Waives student loan repayment requirements for students who must withdraw from college enrollment because of an obligation to return to military service (Sec. 105).
- Requires the Secretary of Education to make direct loan servicing contracts by way of a competitive bidding process, if "practicable" (Sec. 214).