President Barack Obama submitted his first budget request to Congress on Thursday, May 7, 2009. This detailed budget request included a proposal for funding levels of federal programs and agencies in combination to the funding of upcoming five to ten fiscal years, and specific fiscal year 2010. The president's 2010 budget request represents the first time the Obama administration has submitted funding recommendations for every federal education program and a comprehensive list of new education policy initiatives.
His view on education can be found here on the official Barack Obama website.
President Obama aims to improve college affordability with his College Affordability Plan. Here are some basic effects on college affordability:
Tax Credit:The American Opportunity Tax Credit will be fully refundable and will ensure that the first $4,000 of a college education is completely free for most Americans.
Financial Aid:Obama’s plan hopes to simplify the financial aid process by eliminating the Free Application for Federal Student Aid (FAFSA). Determining aid will be based on a much simpler, yet equally accurate formula so that students can predict their eligibility well in advance. To learn more, visit this article courtesy of FastWeb.
College Readiness:Obama will supply $25 million annually in matching funds for states to develop Early Assessment Programs. These programs aim to allow 11th graders and their families determine if they are on track to be college ready by the time they graduate.
Pell Grants:Obama will increase the Pell Grant to $5,400 over the next few years. He aims to help low-income students by increasing the maximum amount of money the Pell Grant offers.
Community College Partnerships:The Community College Partnership Program, aims to strengthen the community colleges by providing grants to improve skills that are in high-demand and for technical education, to create new associate art degree programs and to reward institutions that increase their numbers of graduates and transfer students to four-year institutions.
Bank Subsidies:College tuition has increased at a significantly faster rate than many families can afford now. Obama aims to help alleviate this situation by eliminating the more expensive private loan program and will direct that money into aid for students.
