2005.03.16: 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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2005.03.16: 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
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
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.
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.
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Headlines: March, 2005; RPCV Tom Petri (Somalia) ; COS - Somalia; Politics; Congress; Wisconsin
When this story was posted in March 2005, this was on the front page of PCOL:
| The Peace Corps Library Peace Corps Online is proud to announce that the Peace Corps Library is now available online. With over 30,000 index entries in over 500 categories, this is the largest collection of Peace Corps related reference material in the world. From Acting to Zucchini, you can use the Main Index to find hundreds of stories about RPCVs who have your same interests, who served in your Country of Service, or who serve in your state. |
| 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 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 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 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? 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 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 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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