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President Obama’s New Budget Adds Funds for Higher Education, MSIs

President Obama on Tuesday unveiled a 2015 education budget plan with more funds for Pell Grants and a new initiative designed to spur innovation at historically Black colleges, Hispanic-serving institutions and other minority-serving universities.

While most programs for low-income students would gain small increases or see their funding frozen, a major theme of the new budget is targeted investments. In addition to the new initiative for minority-serving colleges, the president also proposed an incentive fund to support colleges that are graduating more financially needy students.