Promise Neighborhoods funding would increase to $100 million. The program supports the development and implementation of comprehensive community projects designed to combat poverty’s effects and improve education and life outcomes for disadvantaged students.

Funding for teachers

A $5 billion competitive fund would support state and district reforms to prepare, support, and compensate teachers.

The FY 2013 budget also allocates $80 million for the Effective Teachers and Leaders state grants to help expand science, technology, engineering, and math teacher training and reduce educator shortages. ED also would invest $400 million in the Teacher and Leader Innovation Fund to support states and districts that want to implement bold approaches to improve the effectiveness of the education workforce in high-need schools.

The budget also funds a jointly administered math education initiative, with $30 million from ED and $30 million from the National Science Foundation (NSF). This new evidence-based math initiative will combine the strength in math education research at NSF with ED’s state and school district connections and program scale-up expertise. These programs will be developed in conjunction with a government-wide effort to improve the impact of federal investments in math and science education by ensuring that all programs supporting K-12 and undergraduate education adhere to consistent standards of effectiveness, ED said.

In addition, $190 million would go to the Presidential Teaching Fellows in the form of scholarships to talented students who attend top-tier teacher preparation programs and commit to working in high-need schools.

College affordability

ED would invest $1 billion for the first year of a “Race to the Top: College Affordability and Completion” program to drive reform on the state level and help students finish faster, and it would expand and reform campus-based aid programs to provide more than $10 billion in student financial aid for colleges that restrain cost increases and provide a good value, especially to disadvantaged students. As part of that package, ED would invest $735 million in Supplemental Educational Opportunity Grants and increase aid to $1.1 billion in federal work study and $8.5 billion in Perkins loans—up from about $1 billion currently available in Perkins loans.

For more analysis of Obama’s 2013 budget, see:

Obama seeks more money for education, setting up showdown with Congress

The budget increases the maximum Pell Grant award amount to $5,635 to support nearly 10 million students. Following up on his State of the Union address, the president is proposing to freeze the interest rate on subsidized student loans at 3.4 percent, instead of allowing it to double to 6.8 percent this summer.

A $55 million First in the World competition would drive innovation among postsecondary institutions, including minority-serving institutions, and help them scale up practices that work to increase college completion.

Job training and the workforce

The Obama administration has focused in large part on preparing students to be college- and career-ready, and its FY 2013 budget proposal allocates $8 billion in mandatory funding to a Community College to Career Fund.

The competitive program would be jointly administered between ED and the Department of Labor and would provide funding to develop new partnerships between community colleges and businesses in order to train and place 2 million workers in high-growth industries.