Woman with hands raised in the classroom
Fg Trade | E+ | Getty Images
President Joe Biden has proposed expanding free community college across the U.S., and other initiatives to lower higher education costs.
The plans, announced Monday as part of Biden’s $7.3 trillion budget for fiscal 2025, face slim chances of becoming law this year with Republicans in control of the House.
Still, the budget reflects the president’s policy priorities as he seeks reelection in November.
“With these investments, we can deliver an excellent education to all students, improve learning conditions, build pathways to college and careers, and increase postsecondary education affordability and access,” U.S. Secretary of Education Miguel Cardona said in a statement.
More from Personal Finance:
Many think pensions key to achieving American Dream
How to avoid unexpected fees with payment apps
‘Ghosting’ gets more common in the job market
After the Supreme Court blocked Biden’s sweeping student loan forgiveness plan in June, his administration has explored all of its existing authority to leave people with less student debt. It has now canceled debt for almost 3.9 million borrowers, totaling $138 billion in relief, through fixes to forgiveness programs that borrowers historically had trouble accessing.
The president’s budget builds on those efforts by further addressing the student loan crisis and offering more ways for people to get through their schooling without going into debt.
Biden’s presumptive Republican opponent, former President Donald Trump, called for slashing the U.S. Department of Education’s budget during his term in the White House.
In contrast, Biden is requesting additional funding for the agency — $82.4 billion for 2025, a $3.1 billion increase from 2024 — to subsidize educational costs for many Americans.
Bigger Pell Grants, fee cuts on student loans
Biden’s budget calls for increasing the discretionary maximum Pell Grant to $8,145, a $750 raise from the current level.
The…
Read the full article here
