Today, President Obama unveiled his fiscal year 2015 budget blueprint, focusing funds on plans to improve college affordability and expand access. The proposal would increase the maximum Pell Grant award by $100, from $5,730 in 2014-15 to $5,830 in 2015-16. It would expands income-based federal student loan repayment plans, making more borrowers eligible to cap their monthly payments at 10 percent of their discretionary income and have any debt remaining after 20 years discharged without taxation.
The budget would also make permanent the American Opportunity Tax Credit (AOTC) and provide $7 billion for College Opportunity and Graduation Bonuses to reward colleges that successfully enroll and graduate significant numbers of low- and moderate-income students on time.
Learn more about The President's Budget for Fiscal Year 2015 at: http://www.whitehouse.gov/omb/budget