College Students to Benefit From Over $50 Billion in Stimulus Funds

PHOENIX, AZ - By more than doubling the Department of Education's budget over the next two years, the Obama administration's economic stimulus package will make a reported 4 million more college students eligible for expanded tax benefits and significantly increase federal grant funding for an estimated 7 million students. These provisions of the bill, says NextStudent, will help students reduce their reliance on student loans to help pay for their college education.

"This really marks a new era in federal education spending," said Edward Kealy, executive director of the Committee for Education Funding, the nation's largest nonpartisan education coalition.

The federal Pell Grant program -- the widely used grant program for financially needy students -- will get a $17.1 billion increase in funding, while the federal work-study program will receive a $200 million boost.

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