The Senate unanimously passed a bill that will permanently fund historically black colleges and universities and minority-serving institutions.
What We Know:
- The Fostering Undergraduate Talent by Unlocking Resources for Education (FUTURE) Act will provide $255 million in mandatory funding for HBCUs.
- The Congressional Budget Office found that the bill will fund itself and save taxpayers $2.8 billion over the course of 10 years.
- The bill also simplifies the Free Application for Federal Student Aid (FAFSA) by eliminating 22 questions. Additionally, the legislation removes the “verification” process that some students are required to go through in order to receive aid.
- Finally, the bill will eliminate annual paperwork for 7.7 million federal borrowers on income-driven plans.
- Senate Education Committee Chairman Lamar Alexander praised the legislation saying, “After five years of a bipartisan effort, this simplification of the FAFSA removes a huge roadblock for the millions of Americans who apply for federal grants and loans to attend college.”
The bill has been passed on to the president and is awaiting his signature to become law.
