In a white paper released today, the Institute for Higher Education Policy calls for several changes to the financial aid system, part of the Bill and Melinda Gates Foundation's Reimagining Aid Design and Delivery project, which gave grants to organizations to recommend what changes they would make to federal financial aid. The institute calls for making the Pell Grant an entitlement and keeping it at the center of need-based student aid programs, but making larger changes to other student aid programs. Among its suggestions: reforming the Supplemental Educational Opportunity Grant to provide "emergency" financial aid to students; rewarding completion, including a form of loan forgiveness for Pell Grant recipients who complete college on time; tying campus-based aid to student debt repayment levels; matching college savings for low-income households and encouraging employers to match employees' student loan repayments for the first five years after graduation.
Several more papers in the Gates effort are expected from other organizations and advocacy groups in the coming weeks.
- A look at all 15 Reimagining Aid Design and Delivery reports from the Gates Foundation
- Report from college access groups on changing financial aid
- New America paper on financial aid calls for changes to loans, Pell Grant, tax credits
- (Further) Rethinking Student Aid
- Lumina-funded paper proposes federal ‘risk sharing’ accountability system
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