Washington, D.C. – Congresswoman Carol Shea-Porter, a member of the House Education and Labor Committee, released the following statement on today’s increases in student aid benefits.
“These benefits will help make college more affordable for thousands of New Hampshire students,” said Congresswoman Shea-Porter. “I was proud to cosponsor legislation that provided these historic investments in student aid benefits, and that will help ensure that young people have greater access to college.”
These new benefits were able to take effect due to the passage of provisions in the Student Aid and Fiscal Responsibility Act and the College Cost Reduction and Access Act. Pell Grant scholarships will now be $5,550 for the upcoming school year, and in 2013 the maximum scholarship will increase along with the Consumer Price Index (CPI). Interest rates on federal student loans will decrease from 5.6 percent to 4.5 percent for student borrowers.