S.806 - College for All Act of 2017115th Congress (2017-2018)
|Sponsor:||Sen. Sanders, Bernard [I-VT] (Introduced 04/03/2017)|
|Committees:||Senate - Health, Education, Labor, and Pensions|
|Latest Action:||Senate - 04/03/2017 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (All Actions)|
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Summary: S.806 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (04/03/2017)
College for All Act of 2017
This bill amends the Higher Education Act of 1965 (HEA) to establish a grant program to eliminate tuition and required fees: (1) for all students at community colleges and two-year tribal colleges and universities, and (2) for working- and middle-class students at four-year public institutions of higher education (IHEs).
Additionally, the bill amends title IV (Student Assistance) of the HEA to:
- reauthorize the Federal TRIO Programs, the Gaining Early Awareness and Readiness for Undergraduate Programs (i.e., GEAR UP), and the Federal Work Study Program for FY2018-FY2027;
- eliminate existing base guarantees of Federal Work Study funds to IHEs and require funds to be allocated based solely on the aggregate need of the institution's students;
- modify the interest rate formulas for federal student loans to revise applicable rates on new loans disbursed on or after July 1, 2017; and
- allow student loan borrowers to modify interest rates on outstanding federal student loans to current rates.
Finally, it directs the Department of Education to use any excess revenue generated by the Federal Direct Loan program to carry out the Federal Pell Grant program.