New legislation would enable the maximum Pell grant award to reach a historic high of $5, 550 for the next academic year grow with inflation to nearly $6000 in the years ahead - helping more students meet the rising cost of a college education. [SEP] The bill would also help make federal student loans more manageable to repay by strengthening an Income-Based Repayment program that currently allows borrowers to cap their monthly federal student loan payments at just 15 percent of their discretionary income.
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