WASHINGTON — The American Psychological Association applauded the introduction today of a bill to restore graduate students’ eligibility for the federal direct subsidized loan program.
The bill, H.R. 4223, is titled the "Protecting Our Students by Terminating Graduate Rates that Add to Student Debt (POST GRAD) Act." Championed by Rep. Judy Chu, D-Calif., the legislation would diminish barriers to graduate study by reducing the cost of borrowing to graduate students with demonstrated financial need.
“We are grateful for Representative Chu’s leadership in introducing legislation to restore graduate students’ eligibility to the federal direct subsidized loan program,” said Jim Diaz-Granados, APA’s executive director for education. “The POST GRAD Act represents an important step in tackling the growing problem of graduate student debt. Advances in psychological science and practice are critical to addressing important issues related to health and well-being, education and delivery of care. To allow the burden of student debt to become a major obstacle in achieving these advances is a detriment to all.”
With the passage of the Budget Control Act of 2011, graduate students lost access to federally subsidized loans. Under this program, the federal government pays the interest while the students are in school, during a grace period and during periods of deferment. The loss of this benefit has increased the debt burden on graduate students, including doctoral students in psychology.
In October, nearly 100 APA members visited their members of Congress and asked them to support the federal investment in graduate study by restoring eligibility for the federal direct subsidized loan program to graduate students.
Occupations requiring advanced degrees are expected to grow the fastest from 2012-2022, as compared to other degrees, according to the Bureau of Labor Statistics. In addition, the need for psychologists remains high, with approximately 97 million people in the United States living in federally designated Mental Health Professional Shortage areas, with less access to mental health services.
The American Psychological Association, in Washington, D.C., is the largest scientific and professional organization representing psychology in the United States. APA's membership includes more than 122,500 researchers, educators, clinicians, consultants and students. Through its divisions in 54 subfields of psychology and affiliations with 60 state, territorial and Canadian provincial associations, APA works to advance the creation, communication and application of psychological knowledge to benefit society and improve people's lives.