Earlier this week, House Education and the Workforce Committee Ranking Member Bobby Scott (D-VA) and Higher Education and Workforce Development Subcommittee Ranking Member Frederica Wilson (D-FL) reintroduced the Lowering Obstacles to Achievement Now (LOAN) Act. If passed, the bill would provide significant investments to graduate education.
The legislation would:
- Extend Pell Grant eligibility from the current 12 semesters back to 18 semesters as it existed before 2011 eligibility cuts related to a Pell Grant funding shortfall.
- Allow students completing a graduate or professional degree to use any remaining Pell eligibility from their undergraduate studies.
- Provides graduate and professional students attending public and non-profit institutions with access to subsidized loans at the same interest rate available to these students for unsubsidized loans.
- Repeal origination fees for Direct Subsidized and Unsubsidized Loans, as well as Direct PLUS Loans.
- Extends Title IV eligibility to DREAMers.
In a CGS press release, President Suzanne T. Ortega applauded the reintroduction of this legislation and said that the “legislation highlights a commitment to making graduate education accessible to all by expanding the Pell Grant program and reforming student loans.”