The House is expected to soon consider H.R. 4508, the Promoting Real Opportunity, Success, and Prosperity through Higher Education Reform (PROSPER) Act. This bill includes financial aid provisions that would harm undergraduate and graduate students throughout Wisconsin. This legislation cuts a number of financial aid programs (Supplemental Educational Opportunity Grants, Perkins Loans, Grad PLUS Loans) that enable many students to afford college.
Other federal financial aid programs impacted by the PROSPER Act
- Elimination of the In-School Interest Subsidy for Undergraduate Students, resulting in a 45 percent increase in interest paid, even after elimination of the origination fee
- Elimination of the Public Service Loan Forgiveness Program
- Elimination of Work Study eligibility for graduate students
- Alters the terms of income-driven student loan repayments, reducing plans and limiting flexibility for borrowers