An update from Washington
The U.S. House of Representatives may soon by voting on its proposal for reauthorizing the Higher Education Act.
H.R. 4508, the Promoting Real Opportunity, Success, and Prosperity through Education Reform (PROSPER) Act. This legislation is the House proposal to reauthorize the Higher Education Act.
If signed into law, the Promoting Real Opportunity, Success, and Prosperity through Education Reform (PROSPER) Act would make college less affordable for students and their families.
You can weigh in with your Members of Congress. Click here to urge them to vote against this bill.
Several provisions in this bill are particularly detrimental to students and to nonprofit private institutions.
- The bill eliminates the Supplemental Education Opportunity Grant (SEOG) program, which has been an important means to help our lowest-income students finance their higher education.
- The legislation also eliminates in-school interest subsidy for undergraduate students. Low and middle income students can currently borrow up to $23,000 with an in-school interest subsidy. This means that interest does not accrue on this amount until a student graduates. Given current interest rates, this saves students nearly $4,000 over four years in college.
- The bill also eliminates Federal PLUS loans for graduate students, Public Service Loan Forgiveness, Teacher Education Assistance for College and Higher Education Grants and Graduate student eligibility for Federal Work-Study.