In a 30-17 vote, the House Education and Labor Committee passed the Student Aid and Fiscal Responsibility Act (SAFRA, HR 3221) today, making it likely that it will reach the full House within the week.

The bill would represent the largest investment in student aid in US history. By cutting wasteful subsidies to student loan companies, this legislation would save $87 billion over ten years that would be reinvested in increasing student aid, investing in college access and completion programs, supporting community colleges, Historically Black Colleges and Universities (HBCU), and minority serving institutions, and other programs that would increase educational opportunities for low and middle income families. It would also commit $10 billion to reducing the deficit.

There were several important changes to the bill, including: (more…)