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Debt-Free College Act of 2023
3/12/2024, 6:51 AM
Summary of Bill S 1848
Under the Debt-Free College Act, states would be required to match a portion of the federal funding in order to participate in the program. The bill also includes provisions to increase funding for Pell Grants, which provide financial aid to low-income students, and to expand eligibility for federal student loans.
The goal of the Debt-Free College Act is to reduce the financial burden on students and their families, and to make higher education more accessible to all Americans. Proponents of the bill argue that increasing access to affordable education will help to close the achievement gap and improve economic mobility. Opponents of the bill raise concerns about the cost of implementing such a program and the potential impact on the federal budget. They also argue that making college tuition-free could devalue the importance of higher education and lead to an influx of unqualified students. Overall, the Debt-Free College Act of 2023 is a significant piece of legislation that aims to address the rising cost of higher education in the United States. Its impact, if passed, could have far-reaching effects on the accessibility and affordability of college for millions of students across the country.
Congressional Summary of S 1848
Debt-Free College Act of 2023
This bill establishes measures to cover the unmet financial need of students who are enrolled at certain institutions of higher education (IHEs). Unmet financial need refers to the difference between a student's cost of attendance and the student's student aid index, plus any federal, state, and local sources of grant aid. In addition, the bill makes certain Dreamer students (i.e., students who have been granted Deferred Action for Childhood Arrivals status) eligible for federal financial aid.
First, the bill requires the Department of Education (ED) to award grants for state-federal partnerships with a goal of providing debt-free college for all eligible students at in-state public IHEs. Eligible student refers to an individual who (1) is enrolled or is eligible to enroll in an in-state public IHE, and (2) completes a Free Application for Federal Student Aid (FAFSA) or demonstrates eligibility for a Federal Pell Grant through institutional financial-aid eligibility forms.
Next, the bill requires ED to award grants to historically Black colleges and universities and minority-serving institutions to cover the unmet financial need of enrolled students.
ED must establish an office to administer grants and provide oversight.
In addition, the bill makes Dreamer students who entered the United States before the age of 16 and who meet certain educational criteria eligible for federal student aid.
