Bronx Congressman Jose E. Serrano recently praised the student loan reform bill that was included within President Obama’s Health Care and Education Reconciliation Act of 2010. Serrano, who was present at the signing of health care reform, considers the act a significant step toward making higher education a more realistic goal for families and children in the Bronx.

“For those getting started or continuing their college careers at a community college like Hostos or Bronx Community College, this package will help them,” said Serrano, refering to a more than $2 billion investment in the nation’s community colleges included in the student loan reform.

Serrano also pointed out the additional $2.55 billion in funds that will go toward colleges and universities that serve black, Hispanic, and other predominantly minority student bodies. An additional $40 billion will go toward the Pell Grant program in order to further help students from low-income families pay for the cost of higher education.

The loan reform also seeks to lighten the burden of post-grads struggling with loan payments. Graduates who choose to work in public service will qualify for “debt forgiveness” after 10 years and, beginning in 2014, new borrowers will not be required to pay more than 10 percent of their income in loan payments. Students who are consistent with their payments will have remaining debts forgiven after 20 years.

Congressman Serrano said he considers the student loan reform a “turning point in our nation’s commitment to higher education.”