Wyden, Colleagues Introduce Legislation to Make Graduate Education More Affordable
POST GRAD Act comes as Congressional Republicans push to make higher education more unaffordable through their billionaire-first budget bill
Washington D.C.—U.S. Senator Ron Wyden, D-Ore., said today he has joined colleagues in introducing legislation that would help students afford advanced education by restoring graduate students’ eligibility for receiving subsidized federal loans.
The Protecting Our Students by Terminating Graduate Rates That Add to Debt Act would prevent graduate students from accruing interest on their subsidized graduate loans while in school, just like their undergraduate counterparts.
“There is a huge demand for professionals that need a graduate degree whether they are doctors, lawyers, social workers or mental health professionals,” Wyden said. “While Republicans have been clear that their priority is to limit access to these high paying professional jobs to the wealthy, I am committed to making higher education within reach for everyday folks in Oregon and across the nation.”
Many professions, such as mental health clinicians, school administrators, nurse practitioners, and physical therapists, often require a graduate degree, but high borrowing costs can dissuade potential students from seeking these advanced degrees. Instead of addressing the higher education affordability crisis, congressional Republicans recently passed a billionaire-first budget bill that, among other harmful provisions, would eliminate the Grad PLUS loan program, a vital source of federal support for graduate students.
Nationally, more than 1.6 million student loan borrowers have Grad PLUS loans, amounting to $91 billion in debt. The Budget Control Act of 2011 stripped graduate students of eligibility for Federal Direct Subsidized Loans, which they had access to from 1994-2012, costing students thousands of dollars, particularly as interest rates on graduate loans are now at their highest rate since 2006. The Protecting Our Students by Terminating Graduate Rates That Add to Debt Act would reverse the harmful provision of the Budget Control Act and restore the eligibility of graduate students to receive Federal Direct Subsidized Loans. Furthermore, it would prevent graduate and professional students who fall into deferment due to economic hardship from accruing interest on their Federal Direct Subsidized Loans.
The legislation was led by U.S. Senator Alex Padilla, D-Calif., and U.S. Representative Judy Chu, D-Calif. In addition to Wyden, the legislation is cosponsored by Senators Cory Booker, D-N.J., Tammy Duckworth, D-Ill., Andy Kim, D-N.J., and Chris Van Hollen, D-Md.
The bill is endorsed by the following organizations: American Psychological Association, National Association of School Psychologists, National Education Association, AccessLex, Association of Public and Land-grant Universities, National Association of Student Financial Aid Administrators, American Physical Therapy Association, American Association of Veterinary Medical Colleges, American Occupational Therapy Association, Association of Schools Advancing Health Professions, Association of Schools and Colleges of Optometry, Physician Assistant Education Association, American Association of Colleges of Osteopathic Medicine, Council on Social Work Education, American Dental Education Association, American Association of Colleges of Nursing, American Association of the Colleges of Podiatric Medicine, and the University of California System.
The full text of the bill is here.
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