Cornyn Votes to Permanently Fund HBCUs, Minority Serving Institutions


In: All News   Posted 12/05/2019
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Bill Authorizes $255 Million Each Year

WASHINGTON – U.S. Senator John Cornyn (R-TX) released the following statement after the Senate passed the FUTURE Act, a bipartisan bill to permanently authorize $255 million in annual funding for Historically Black Colleges and Universities and Minority Serving Institutions. The legislation also simplifies and streamlines the Free Application for Federal Student Aid (FAFSA) process for students.

“This bill is a win-win,” said Sen. Cornyn.  “By investing in institutions and reducing the red-tape of FAFSA, we can eliminate barriers so more Texas students can benefit from higher education while saving tax dollars.”
 

Background on the FUTURE Act:

The FUTURE Act permanently reauthorizes and provides $255 million in annual funding for Historically Black Colleges and Universities and other Minority Serving Institutions.

The bill includes the FAFSA Act, which Sen. Cornyn cosponsored, and which:

  • Streamlines student loan repayment by eliminating burdensome annual paperwork for 7.7 million federal student loan borrowers on income-driven plans;
  • Allows student applicants to provide tax information to the federal government only once;
  • Eliminates up to 22 questions on the application by allowing the Department of Education to request tax return data applicants have already provided the Internal Revenue Service;
  • Eliminates verification, which is a bureaucratic nightmare that 5.5 million students go through annually to make sure the information they gave to the Department of Education is exactly the same as they gave to the IRS;
  • Eliminates up to $6 billion each year in mistakes (both overpayments and underpayments) in Pell grants and student loans; and
  • Enables 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.

According to the Congressional Budget Office, the FAFSA Act saves taxpayers $2.8 billion over ten years which will be used to pay for the permanent funding for HBCUs and other minority-serving institutions.