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Monday, February 14, 2011
Federal budget proposal includes big gains in education spending
A commitment to education funding was one of the bright spots in a 2012 federal budget released Monday by President Barack Obama that could have real implications for students in the Miami Valley.
The $77.4 billion is a 20 percent increase from 2010 spending levels and includes committing $1.4 billion for the continuation of the popular Race to the Top program that awarded $400 million to Ohio last year. The new competitions will focus on early childhood education, local teaching reforms and improving college access and completion.
It also holds steady the maximum Pell Grant award at $5,550, which provides financial help to 9 million students nationwide. To do so, the newly implemented year-round grant for summer classes will be cut as will a subsidy for graduate student loan interest.
“All of it is going to be a big deal,” said Jennifer Penick, Wright State University director of financial aid, who added that 7,700 students are expected to receive $30 million in Pell Grants this school year. “They are hugely important here and at many other institutions.”
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