CRANSTON, RI – On Monday, November 21st U.S. Senator Jack Reed (D-RI) will host his annual College Financial Aid Workshop at 7:00 p.m. at Cranston High School West. 

Senator Reed’s free College Financial Aid Workshop is designed to help college-bound students and their families get a better sense of the financial aid options available at the federal and state levels; the eligibility criteria for these different types of aid; and how students can go about applying for it.

During the workshop, financial aid and education experts will offer tips and discuss the loan and grant application process, what to expect when applying for financial aid, and the process of paying back student loans.

“College can be expensive and knowing all the available financial aid options can help ease the strain.  This workshop will help families and students get the guidance they need to get ahead in the college financial aid process,” said Reed.

There have been several key developments on the financial aid front that will impact students applying to college this year:

  • Senator Reed helped extend the American Opportunity Tax Credit, which provides middle class families with $1 back on their taxes for every $1 spent on undergraduate college education expenses for the first $2,000 and 25% of the next $2,000 for a total of up to $2,500 per year.  He also helped pass the Student Loan Reform Bill, which provides more tax credits for higher education, increased Pell grants, and improved repayment terms for student loans.
  • Reed also supported President Obama’s “Pay As You Earn” plan, which will reduce monthly loan payments for 1.6 million people and give families more options to consolidate split loans with a reduction in interest.  It will also lower the risk of default for these borrowers by consolidating loans so that borrowers only have to make one monthly payment instead of multiple payments. 
  • A member of the Appropriations Committee, Reed also helped preserve the maximum Pell Grant at a level of $5,550, which helped nearly 29,000 Rhode Island students pay for college last year. 

“College is too important for any student to miss out on even one opportunity.  Families should take advantage of the many grants, loans, and scholarships available to help students reach their goals and make college more affordable,” said Reed.

For event details please see the attachment in related files.