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I have introduced legislation to reauthorize the Higher Education Act that will provide real change and improvement within our federal financial aid program. These changes will open doors and increase access to higher education for those who need it most. HR 1293, the Higher Education Access and Equity Act, makes sure that we are treating all college students fairly, while increasing the number of individuals that can afford to attend institutions of higher learning. This approach has public support from thousands of schools, lenders, and parents. Not only are dozens of groups behind this legislation, but the national association that represents financial aid administrators (NASFAA) has voiced their support as well. When those who know speak, then we should listen. The reasons they are behind this legislation and the reason I authored this legislation are:
- HR 1293 eliminates the origination fees on some loans and lowers it on others. We shouldn't make students pay fees on their loans just as they walk through the doors of their college.
- HR 1293 will let students borrow more money if they need it to attend college by raising loan limits that haven't changed since 1986. The loan limits for both the Federal Family Education Loan (FFEL) and Direct Loan (DL) programs are raised by equal amounts, to ensure continued competition between these two options. College costs more today than it did 10 years ago, and this should be reflected in the amount we allow students to borrow.
- HR 1293 makes sure that interest rates on consolidation loans are variable - the same as other loans. This will help ensure that no student is advantaged or disadvantaged simply because of when they happen to consolidate their loans, and will save billions of dollars that can otherwise be used to assist students.
- HR 1293 gives students more flexibility by adding new repayment programs. Students also need more choice on how to pay back their loans when they leave school and we should help students who are having trouble. Giving students more time if they need it, and helping those with low incomes should be our first priority.
- HR 1293 increases authorized funding for Historically Black Colleges and Universities. We need to make sure that minority-serving schools have the tools and resources they need to do their job: providing access and equity to all students.
We have all heard and read rhetoric being thrown around about higher education, but its time to stand behind a meaningful approach that will allow more of our nation's youth to afford higher education now and in the future.
Sincerely,
Robert E Andrews
Member of Congress
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