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Pell grants: The bill would increase the maximum Pell grant, which generally goes to families making less than $40,000 or $50,000 per year. The maximum Pell grant would increase by $1,090 over the next five years, reaching $5,400 by 2012. Unlike loans, Pell grants do not have to be repaid.
Teacher tuition assistance: Undergraduate and graduate students who commit to teaching certain subjects, such as science and math, in low-income public schools for at least four years can receive up to $4,000 per year - for a total of $16,000 - in tuition assistance. Students must maintain at least a 3.25 grade point average to be eligible for this program, which would start next year. If students don't fulfill the teaching obligation, the assistance becomes a loan they must repay, according to Miller's office.
Loan forgiveness: Borrowers who work in other public-sector jobs such as the military, law enforcement, firefighting, nursing, public defenders, librarians and early childhood teachers can have any balance on their student loans forgiven after 10 years of service and loan repayment. To take advantage of this program, borrowers must have direct student loans or consolidate their loans under the government's direct-loan program. This program begins July 1.
Plus loan auction: In a controversial move that marks a big departure from current practice, starting in 2009 the government would auction the right to provide government-guaranteed Plus loans to parents. In each state, the two lenders that offer the best deal to the government would provide all parent Plus loans in that state.
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