Franken supports changes to student loan program

U.S. Sen. Al Franken is visiting colleges across the state this month to talk to students about pending reforms to the federal financial aid program.

Franken, DFL-Minn., supports legislation that would funnel student loans directly through colleges and universities, rather than subsidizing the private lending market for student loans.

Franken says the 2009 Student Aid and Financial Responsibility Act would save $87 billion over the next 10 years, although opponents dispute that amount.

Franken says the savings could be plowed back into higher education, which would benefit other students.

"Certainly anyone receiving a Pell Grant would," said Franken. "I think it would bring the maximum Pell Grant up to $6,500 or something close to that."

Franken says the rest of the money would also fund Perkins low-interest student loans, and more early childhood education.