Lawmakers in Senate have finally reached a compromise on the passage of Fostering Undergraduate Talent by Unlocking Resources for Education (FUTURE) Act.
The bill which seeks to reauthorize funding for all HBCUs and MSIs hit a roadblock in Senate in late September.
Last month, 38 senators penned a joint letter to Majority Leader Mitch McConnell and Minority Leader Chuck Schumer to pass the FUTURE Act.
On Tuesday, Senate Education Committee Chairman Lamar Alexander (R-Tenn.), Ranking Member Patty Murray (D-Wash.) and Senators Tim Scott (R-S.C.), Doug Jones (D-Ala.), Richard Burr (R-N.C.) and Chris Coons (D-Del.) released the bipartisan amendment to the bill which will permanent reauthorize annual funding of $255 million to HBCUs and MSI.
In September, the bill was stalled in Senate after an objection by Senator Alexander who suggested a long-term fix.
The legislation would simplify Free Application for Federal Student Aid (FAFSA) for 20 million American families and streamline income-driven repayment for nearly 8 million borrowers.
It would also streamline student loan repayment by eliminating burdensome annual paperwork for student loan borrowers on income-driven plans and enable at least 7 million applicants who are currently unable to access their IRS data for their FAFSA to verify that they do not file taxes without requesting separate documentation from the IRS.
“It’s hard to think of a piece of legislation that would have more of a lasting impact on minority students and their families than this bill,” Senator Alexander said.
While Senator Jones said, “Instead of making tough decisions to cut programs and staff this holiday season, they can now count on permanent funding that will enable them to plan long-term and focus on their educational mission.”
