President Barack Obama released Thursday his fiscal 2010 budget plan, which includes more money for student grants, loans for higher education and tax credits.
Obama’s plan will increase Pell Grants for students and revamp Perkins Loans to help students who face unexpected financial challenges. It will also provide funding for helping low income students complete college and will make a $2,500 tax credit for students permanent.
The plan also aims to simplify the Free Application for Federal Student Aid, according to the U.S. Department of Education Web site.
The College Access and Success press release claims the budget increases funding to make higher education more affordable for low income families.
The Institute for College Access and Success is a nonprofit organization that works to make higher education more affordable, according to the Web site of the U.S. Department of Education.
Lauren Asher, the acting president of The Institute for College Access and Success, said she was pleased to see the new president take a bold approach to student loans.
“This will help make colleges like UCLA more affordable for students and will make a dent in the increasing costs of college,” Asher said.
According to the College Access and Success statement, the Obama administration should make taking strong actions to increase the affordability of higher education a priority, especially for families who are already struggling financially.
The Obama camp was very excited about the commitment to making college more affordable, the statement said.
The press release also added that the budget takes great steps toward providing students with the financial help they need, and the plan focuses on what works best for students.
This will allow the number of Americans who can attend and complete college to dramatically increase without tremendous debt for the students and their families.
The plan will be partly funded by increased taxes for the wealthy while cutting them for middle and lower class families and increasing spending for this year by $3.9 trillion.
It will also increase health care coverage to the 47 million people currently uninsured, according to the U.S. Office of Management and Budget Web site.
The UC Office of the President was not available for immediate comment.