Bill also provides much needed help for Nevada students

March 25, 2010

Washington, D.C.—Nevada Senator Harry Reid today led the Senate in passing improvements to the health insurance reform law enacted earlier this week. The improvements expanded tax credits for individuals to help them afford health benefits. The bill also helps seniors by filling the Medicare prescription “donut hole” over time, and giving young adults access to their parent’s health insurance until age 26. This bill will lower premiums, saving Nevada families up to $2,000 a year. It will also increase federal dollars for Nevada Medicaid, fully funding the expansion of this assistance program for the first three years.

In addition to improving upon the historic health insurance reform law, this bill helps Nevada students trying to pursue higher education at a time when the state is slashing assistance for it. The education provisions of this bill will increase the maximum Pell Grant and ensure annual increases to match the rising cost of college. It also invests in college access and completion programs to help more Nevada students stay in college and complete their degrees. Nevada students will see the following benefits:

·         An estimated $120 million in additional Pell Grant funding, helping nearly 3,000 more low- and moderate-income students afford a college education.

·         Nevada colleges and universities will receive $7.5 million over the next five years for default prevention, financial literacy and debt counseling, and other programs to retain and graduate more students.

·         Nevada community colleges will be eligible to apply for millions of dollars in grant funding to improve educational or career training programs.

·         Starting in 2014, college graduates in Nevada will be able to cap their loan payments at 10 percent of their net income, and have their student loans forgiven after 20 years of making payments.

·         Nevada community colleges will be eligible to apply for millions of dollars in grant funding to improve educational or career training programs.

“We took a good law that reformed health insurance and we made it better,” said Reid. “Not only did we close the donut hole so our seniors won’t have to decide between groceries and medicine, we took care of students. Young adults can now stay on their parents’ health insurance plan so they can continue to study and look for work without losing coverage. We also boosted assistance so that more young people can afford to pursue higher education. These improvements will strengthen the new law and help a lot of Nevadans in the process.”

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