House panel approves increase in Pell Grants - KWWL - Eastern Iowa Breaking News, Weather, Closings

House panel approves increase in Pell Grants

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WASHINGTON (KWWL) - President Barack Obama's plan to boost Pell Grants for low-income college students has cleared the House education committee.

The bill would tie Pell Grants to inflation for the first time since the program's creation in 1972, raising the maximum grant to $6,900 over the next decade.

House Democrats would pay for the increase by killing federal subsidies for private loans, an idea opposed by lenders and their supporters on Capitol Hill. The subsidies would be replaced with a massive expansion of direct loans from the government.

Online News Director Nate Leding

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