News
By Matt Galati
|
February 5, 2004
President Bush sent a $2.4 trillion budget to Congress Monday that included an education proposal to raise federal college freshman loan limits, but few other increases in student financial aid.
Bush's plan calls for an increase in first-year student subsidized Stafford Loan limits from $2,625 to $3,000, according to a White House press release.
The current caps on Stafford Loans for upperclassmen are $3,500 for second years and $5,500 for third, fourth and fifth year undergraduates, according to the StaffordLoan.com Web site.
"We think it is a step in the right direction," said Chris Simmons, assistant director of government relations for the American Council of Higher Education.