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The latest in a series of papers on redesigning the federal financial aid system calls for doubling the Pell Grant, reconfiguring how the government accounts for student loan default risks and requiring risk-sharing at colleges that receive the majority of revenue from federal funds. The white paper, from the Institute for College Access and Success, is part of the Bill and Melinda Gates Foundation's Reimagining Aid Design and Delivery project, which asked for ideas on changing federal financial aid to promote college completion.
The report is the first in the series to call for major additional investment in federal financial aid. It would pay for the doubled maximum Pell Grant in part by eliminating tax benefits for higher education. The report also includes less sweeping recommendations, including simplifying the financial aid application process and promoting tools that give students clear information about outcomes.
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