The US Department of Education has emerged as one of the winners in Barack Obama’s 2013 budget request, winning a 2.5 per cent rise in funding and promises of support for community colleges. In a speech at Northern Virginia Community College, Mr Obama pledged $8 billion (£5 billion) for community colleges to develop and implement job training programmes over the next three years. The budget has also promised more student financial aid offered by the federal government. This includes Pell Grants, given to the poorest students, which are to be set at a maximum of $5,635 for the 2014-15 academic year. This represents an $85 rise on the previous year. Mr Obama has also announced the postponement (for a year only) of an increase in the interest rate for federally subsidised student loans, which was originally scheduled to take effect in June.
Source: Times Higher Education http://www.timeshighereducation.co.uk/story.asp?sectioncode=26&storycode=419082&c=1