This document records testimony from a hearing before the Committee on Education and the Workforce that was held to examine the implications of Biden's student loan policies for students and taxpayers. Member statements were provided by: (1) Honorable Burgess Owens, Chairman, Subcommittee on Higher Education and Workforce Development; and (2)…

We quantify the total stock of balances eligible for the Biden administration's 2022 student loan forgiveness proposal and examine which groups would have benefited most. Up to $442 billion in loans were eligible. Those who would have benefited most were younger, had lower credit scores, and lived in lower- and middle-income neighborhoods. We also…

On August 24, 2022, President Biden announced that his administration would be cancelling $10,000 -- $20,000 of student debt for middle- and lower-income borrowers. Naturally, this announcement has unleashed a wave of follow-up questions among borrowers. This fact sheet is intended to help Californians with student loans navigate the process of…

The administration of college financial aid is a key venue through which colleges can affect the likelihood that students will make it to graduation. We investigate the effects of an understudied yet consequential federal student aid policy: Return of Title IV Funds (R2T4). Under R2T4, students "earn" Federal Student Aid over a term or…

The Consider Teachers Act of 2021 was put in place to amend the Higher Education Act of 1965 in order to improve the service obligation verification process for TEACH Grant recipients, and for other purposes. The Act includes the following sections: (1) Short Title; (2) Teach Grants; (3) Submission of Employment Certification; (4) Extension of…

Federal Student Aid is money from the Federal Government that helps you pay for college, career school, or graduate school expenses. Federal student aid is available through grants, work-study funds, and loans. Every student who meets certain eligibility requirements can get some type of federal student aid. This brief describes the types of aid…

The K-12 teacher workforce is relatively large--each year, nearly 4 million teachers are employed in U.S. elementary and secondary schools. Turnover in these schools is high relative to earlier periods--16% of teachers left their school in the 2021-2022 academic year. In addition, there is evidence that teacher quality standards have been lowered…

College affordability is a significant factor in student access, retention, and completion. Tuition and fee rates are a component of affordability, as is the availability of financial aid programs from federal, state, institutional and private sources, among other factors. Strategically designed approaches to college affordability can better…

In August, the Biden administration announced a plan to forgive up to $10,000 in federal student loans for almost all borrowers, with up to an extra $10,000 for borrowers who had received Pell grants. The additional forgiveness for Pell borrowers intends to address the racial wealth gap, as Black and Hispanic students are more likely to receive…

Since 1997, education tax benefits have become an increasingly important component of federal higher education policy. For 2023, 11 higher education-related tax benefits are available. After 2025, absent legislative action, this number will effectively increase to 13. Two provisions that are temporarily suspended are scheduled to be…

Given the skyrocketing costs of higher education, some borrowers -- particularly those with low incomes and those who were scammed by for-profit colleges -- genuinely need assistance. But portraying student loan forgiveness as a working-class issue is highly misleading. In fact, data on student borrowing shows that debt relief benefits few…

Higher education took center stage during the Democratic presidential primaries, and congressional leaders in the party are calling for universal student loan forgiveness and tuition-free public college. The incoming Biden administration will thus face pressure to radically expand subsidies for higher education. Conservatives and moderates tend to…

The Teacher Education Assistance for College and Higher Education Grant (TEACH Grant) Program awards grants to students who intend to teach, to help pay for their postsecondary education. TEACH Grants are available to eligible students who are enrolled at a school that participates in the TEACH Grant Program, in a program of study that the school…

For 16 years, Sallie Mae has surveyed college students and parents of undergraduate students about their attitudes toward higher education and how they're paying for it. This year's report explores education funding sources--from family income and savings to scholarships, grants, and borrowed funds--and evaluates trends in payment strategies over…

For 15 years, Sallie Mae has surveyed college students and parents of undergraduate students about their attitudes toward higher education and how they're paying for it. "How America Pays for College" explores education funding sources--from family income and savings to scholarships, grants, and borrowed funds--and evaluates trends in…