White House details education funding for Minnesota in new law

WASHINGTON — White House officials today released a state-by-state look at how the health care and education reconciliation law, signed Tuesday by President Obama, will impact the country. Here’s the numerical breakdown for Minnesota:

  • $443 million — Additional Pell Grant money to be awarded by 2021, according estimates from to the Department of Education.
  • $27 million — Additional funding that Historically Black Colleges and Universities and Minority Serving Institutions will be eligible to receive.
  • $7.5 million — Additional funding for college access grants.
  • 1.2 million — Borrowers expected to participate in an expanded student loan repayment plan, which caps payments at 10 percent of discretionary income and forgives the balance after 20 years for those who stay current on payments.
  • Additional funding for community colleges to provide education and career training programs.

All told, the White House estimates the law will provide $478 million in additional funding to students and universities in Minnesota. Much of that is estimated, so take that with the appropriate pinch or dash of salt.

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