March 16, 2005: Headlines: COS - Somalia: Politics: Congress: Student Loans: Fond du Lac Reporter: Thomas Petri's Student Aid Reward Act of 2005 calls for using $17 billion in savings from an expansion of the federal direct student loan program to increase Pell grants at colleges that participate in the program

Peace Corps Online: Directory: Somalia: Special Report: Tom Petri: Tom Petri: Archived Stories: March 16, 2005: Headlines: COS - Somalia: Politics: Congress: Student Loans: Fond du Lac Reporter: Thomas Petri's Student Aid Reward Act of 2005 calls for using $17 billion in savings from an expansion of the federal direct student loan program to increase Pell grants at colleges that participate in the program

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Thomas Petri's Student Aid Reward Act of 2005 calls for using $17 billion in savings from an expansion of the federal direct student loan program to increase Pell grants at colleges that participate in the program

Thomas Petri's Student Aid Reward Act of 2005 calls for using $17 billion in savings from an expansion of the federal direct student loan program to increase Pell grants at colleges that participate in the program

Thomas Petri's Student Aid Reward Act of 2005 calls for using $17 billion in savings from an expansion of the federal direct student loan program to increase Pell grants at colleges that participate in the program

Bipartisanstudent-loan bill would save $17 billion,lawmakers say

By Brian Tumulty
gannett news service

WASHINGTON — Pell grants for an estimated 1.7 million low-income college students would increase by $1,000 to $5,050 a year under bipartisan legislation unveiled Tuesday by four House and Senate lawmakers.

The Student Aid Reward Act of 2005 calls for using $17 billion in savings from an expansion of the federal direct student loan program to increase Pell grants at colleges that participate in the program.

“We have a tight budget this year,” said Rep. Tom Petri, R-Fond du Lac, who described the legislation as offering a way to increase federal support for low-income students without increasing spending.

Petri and his three co-sponsors — Sen. Edward Kennedy, D-Mass., Sen. Gordon Smith, R-Ore., and Rep. George Miller, D-Calif. — said the $17 billion in estimated savings over 10 years would come from an increase in the percentage of colleges using the federal direct loan program.

About 75 percent of federally guaranteed student loans currently originate under the competing Federal Family Education Loan program that uses commercial lenders.

Colleges that stay in the FFEL program would not be able to award the enhanced Pell grants to their low-income students.

For student borrowers, the terms and size of their loans are the same under either program.

The Bush administration agrees the direct loan program is less expensive, based on an analysis by the Office of Management and Budget. But it has its own proposal for using the savings.

Bush would gradually increase the maximum Pell grant by $100 annually between 2006 and 2010. The administration also proposes higher loan limits — from $2,625 to $3,500 for freshman and from $3,500 to $4,500 for sophomores.

However, the administration also would finance its proposals by forcing students who consolidate their loans to accept variable interest rates instead of the low fixed-rate loans they can obtain now.

Commercial lenders, who oppose the legislation unveiled Tuesday, say the savings estimates by CBO and the White House budget office are contradicted by a study they commissioned from the consulting firm PricewaterhouseCoopers.

The banks also have strong political support.

GOP Rep. John Boehner of Ohio, chairman of the House Education and the Workforce Committee, and three other Republicans on the committee issued a “Dear Colleague” letter Tuesday supporting the PricewaterhouseCoopers report.





When this story was posted in March 2005, this was on the front page of PCOL:

The Peace Corps Library Date: February 7 2005 No: 438 The Peace Corps Library
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RPCVs in Congress ask colleagues to support PC Date: March 5 2005 No: 482 RPCVs in Congress ask colleagues to support PC
RPCVs Sam Farr, Chris Shays, Thomas Petri, James Walsh, and Mike Honda have asked their colleagues in Congress to add their names to a letter they have written to the House Foreign Operations Subcommittee, asking for full funding of $345 M for the Peace Corps in 2006. As a follow-on to Peace Corps week, please read the letter and call your Representative in Congress and ask him or her to add their name to the letter.

Add your info now to the RPCV Directory Date: March 13 2005 No: 489 Add your info now to the RPCV Directory
Call Harris Publishing at 800-414-4608 right away to add your name or make changes to your listing in the newest edition of the NPCA's Directory of Peace Corps Volunteers and Former Staff. Then read our story on how you can get access to the book after it is published. The deadline for inclusion is May 16 so call now.

March 12, 2005: This Week's Top Stories Date: March 13 2005 No: 487 March 12, 2005: This Week's Top Stories
The Coyne Column: Read Winning Essay by PCV 12 Mar
Laura Germino helps Migrant Workers Advocacy Group 12 Mar
Sam Farr impresses medical-pot advocacy group 11 Mar
Fred O'Regan writes Op-Ed on Canada seal hunt 11 Mar
Fern Holland remembered In Oklahoma 10 Mar
Mountaineer Charles Houston receives honorary degree 10 Mar
Elaine Chao led delegation for President's inauguration 10 Mar
Chris Dodd wins Hispanic Capital Award 9 Mar
Pat Waak is new Colorado Democratic Party Chair 9 Mar
Chris Matthews withdraws from Florida Event 9 Mar
Timothy J. O'Brien returns to Korea 8 Mar
Tomas Belsky's paintings inspired by service in Brazil 7 Mar
Christopher Hill to be Assistant Secretary of State 7 Mar
Allen Moore is Sen Frist's Deputy Chief of Staff 7 Mar
Jim Doyle heads trade delegation to Mexico 5 Mar
Al Kamen says Narcissus Is Now Greek AND Roman 4 Mar
Diana Gomez says to do something about Peace 4 Mar

March 12, 2005: RPCV Groups in the News Date: March 14 2005 No: 494 March 12, 2005: RPCV Groups in the News
San Diego RPCVs host reception with Gaddi Vasquez on March 6 4 Mar
Alaska RPCVs speak for dividend 4 Mar
Western North Carolina's RPCVs sponsor Africa Night on March 6 3 Mar
Maryland RPCVs lobby their Senators for Peace Corps 3 Mar
Connecticut RPCVs hold fundraiser on March 5 3 Mar
Charles Baquet speaks at Louisiana PC Breakfast on March 4 28 Feb

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March 1: National Day of Action Date: February 28 2005 No: 471 March 1: National Day of Action
Tuesday, March 1, is the NPCA's National Day of Action. Please call your Senators and ask them to support the President's proposed $27 Million budget increase for the Peace Corps for FY2006 and ask them to oppose the elimination of Perkins loans that benefit Peace Corps volunteers from low-income backgrounds. Follow this link for step-by-step information on how to make your calls. Then take our poll and leave feedback on how the calls went.
Make a call for the Peace Corps Date: February 19 2005 No: 453 Make a call for the Peace Corps
PCOL is a strong supporter of the NPCA's National Day of Action and encourages every RPCV to spend ten minutes on Tuesday, March 1 making a call to your Representatives and ask them to support President Bush's budget proposal of $345 Million to expand the Peace Corps. Take our Poll: Click here to take our poll. We'll send out a reminder and have more details early next week.
Peace Corps Calendar: Tempest in a Teapot? Date: February 17 2005 No: 445 Peace Corps Calendar: Tempest in a Teapot?
Bulgarian writer Ognyan Georgiev has written a story which has made the front page of the newspaper "Telegraf" criticizing the photo selection for his country in the 2005 "Peace Corps Calendar" published by RPCVs of Madison, Wisconsin. RPCV Betsy Sergeant Snow, who submitted the photograph for the calendar, has published her reply. Read the stories and leave your comments.
WWII participants became RPCVs Date: February 13 2005 No: 442 WWII participants became RPCVs
Read about two RPCVs who participated in World War II in very different ways long before there was a Peace Corps. Retired Rear Adm. Francis J. Thomas (RPCV Fiji), a decorated hero of the Japanese attack on Pearl Harbor, died Friday, Jan. 21, 2005 at 100. Mary Smeltzer (RPCV Botswana), 89, followed her Japanese students into WWII internment camps. We honor both RPCVs for their service.
Bush's FY06 Budget for the Peace Corps Date: February 7 2005 No: 436 Bush's FY06 Budget for the Peace Corps
The White House is proposing $345 Million for the Peace Corps for FY06 - a $27.7 Million (8.7%) increase that would allow at least two new posts and maintain the existing number of volunteers at approximately 7,700. Bush's 2002 proposal to double the Peace Corps to 14,000 volunteers appears to have been forgotten. The proposed budget still needs to be approved by Congress.

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Story Source: Fond du Lac Reporter

This story has been posted in the following forums: : Headlines; COS - Somalia; Politics; Congress; Student Loans

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