Today the Senate passed a bipartisan amendment to the House-passed FUTURE Act that would permanently fund programs at Historically Black Colleges and Universities (HBCUs) and other Minority-Serving Institutions (MSIs), as well as simplify the FAFSA application process for student aid.
“This amendment signals that members of Congress can find common ground on important issues affecting students. While we applaud this compromise, funding for HBCUs and other minority-serving institutions should not be held hostage to the ongoing delay in passing a comprehensive reauthorization of the Higher Education Act. We are unwavering in calling for a House floor vote on the College Affordability Act and will continue our efforts to support comprehensive legislation to make college more affordable and equitable nationwide.”
- Permanently reauthorizes and provides $255 million in annual mandatory funding for Historically Black Colleges and Universities and other Minority-Serving Institutions
- Allows providing tax Information only once on FAFSA.
- Eliminates up to 22 FAFSA questions
- Eliminates income verification for 5.5 million students
- Enables 7 million applicants who are currently unable to access their IRS data for their FAFSA to verify that they do not file taxes without requesting separate documentation from the IRS
- Streamlines student loan repayment by eliminating annual paperwork for federal student loan borrowers on income-driven plans