“Multi-billion dollar corporations fill out 13-question forms to receive million dollar Export-Import Bank loans. Shouldn’t it be just as easy for high school seniors and their families to pay for college? American students deserve the same easy access to college financial aid.” Said US Congressman Rahm Emmanuel (D-IL 5th) in a recent press release.
The newly elected Democratic Congress had a list of goals in their first hundred days in office. Easing the burden of paying for college was one of them.
“They’ve increased some of the amount of money that a student can borrow through the Stafford Loan program…they’ve increased some of the aggregates for undergraduate programs,” said Marshall Jennings, Director of Financial Aid. “The new bill allows dependent freshman students to borrow up to $3500, up from $2625; sophomore students $4500, up from $3500. Upperclassmen and Graduate student amounts remain the same.”
The College Loan Made EZ Act simplifies the financial aid process by establishing an “EZ” form of the FAFSA form that cuts down the number of pages to two from five.
Creating a pre-FAFSA that allows students and parents to apply for financial aid while students are juniors in high school, providing families one extra year to plan for how to cover college costs and improving online access to the FAFSA.
The page cut is a result of coordinating tax information already by the IRS, thereby reducing the number of questions needed to qualify for financial aid.
The cost of going to a four-year university has risen 41% since 2001. Congress has voted to cut loan interest in half as well as increasing the Pell Grant by $260.
The Act would also increase the amount of money a student can take out for an undergraduate degree as well as extending the time to repay the money.