4/11/13

President Releases 2014 Budget Proposal

On April 9, President Obama released his 2014 Budget Proposal. A summary of higher education issues include:

• Reforming the campus-based aid programs
• Expanding the Perkins Loans program to provide $8.5 billion in new loan volume annually
• Restructuring student loan interest rates to provide borrowers with market-based rates
• Extending the availability of Pay As You Earn repayment plan to all student borrowers

The budget summary expresses that the above reforms are intended to complement and strengthen the Pell Grant program. The President's 2014 Budget Proposal for Education page contains an overview and links to the Education Budget Summary and the complete budget.

The President's budget request is one factor in the federal budget process and is subject to Congressional approval. The House and the Senate have already passed competing proposals.

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Mary Heid
Director for Default Prevention, Compliance & Training Services
OCAP Communications
P.O. Box 3000
Oklahoma City, OK 73101-3000
Communications@ocap.org
www.ocap.org