• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • College Financial Aid
    • Financial Aid for College
    • Student Financial Aid Eligibility
    • Student Financial Aid
      • Student Loans for College
      • College Financial Aid 101
      • Need Based Student Loans
      • Financial Aid Forms (FAFSA & College Board’s Profile)
      • Military Student Financial Aid
        • College Benefits for Active Duty Military
        • National Guard Education Benefits
        • College Aid for Military Reservists
        • College Aid for Military Veterans
        • Military Dependent Financial Aid
    • Financial Aid Programs
    • Paying for College
  • Scholarships 101
    • College Scholarships (Overview)
    • College Scholarship Applications
    • College Scholarship Essay Writing Tips
    • Unusual Scholarships
    • Unclaimed Scholarships
    • Free College Scholarship Searches
  • Find a Scholarship
    • Latest Scholarship Postings
    • Student Scholarships by College Major
    • Scholarships for Hobbies and Interests
    • Sports Scholarships
    • Community Service Scholarships
    • Association Sponsored Scholarships
  • Find a Student Loan
    • Private Student Loans
      • Sallie Mae Student Loans
      • PNC Student Loans
      • Charter One Student Loan
      • Wells Fargo College Loan Programs
      • Texas Dow Employees Credit Union Loans
      • SunTrust Education Loans
    • How Do Student Loans Work?
    • Types of Private Student Loans
    • Student Loans to Cover Living Expenses
    • Private Student Loan Interest Rates
    • Graduate Student Loans from Private Lenders
  • Saving for College
  • Site Map

Financial Aid Finder

Your Guide to Maximizing your College Financial Aid

Financial Aid Finder HomePage
You are here: Home / Financial Aid News / Congress Wrangling With Rising Cost Of Higher Education

Congress Wrangling With Rising Cost Of Higher Education

March 27, 2008 By mara

Physical Therapists May Soon Be Eligible For Loan Forgiveness

Physical therapists might be enjoying some student debt relief in the near future if Congress gets its way. On February 7, the House approved The College Opportunity and Affordability Act, H.R. 4137, which would allow physical therapists to apply for student loan forgiveness.


The wide-reaching Bill, introduced by Reps. George Miller (D-CA) and Rubén Hinojosa (D-TX), aims to overhaul the 1960s Higher Education Act and ensure better access to college education for all qualified Americans, especially those from low- and middle-income families. Among its many priorities, H.R. 4137 would provide service-based loan forgiveness as a means to encouraging students to enter “critically needed” fields.

Physical therapy is now counted among those fields, thanks to an amendment introduced by Rep. Joe Sestak (D-PA). This comes as welcome news to many would-be-PTs, who are looking at a high debt-to-income ratio when making their career choices. To qualify, PTs would need to work with children, the disabled or veterans. Now that physical therapy has reached Congress’ bar for a loan forgiveness-worthy field, occupational therapists are quickly organizing to lobby for the same treatment.

The College Opportunity and Affordability Act is the second major piece of higher education legislation introduced to Congress in the last year. In September 2007, President Bush signed into law the first piece: the College Cost Reduction and Access Act of 2007, which will provide an additional $20 billion in college student federal aid over the next five years.

The new law, which received rare bipartisan support, took a strong stand against reports of unethical student loan practices. Investigations had revealed that lenders were offering incentives to university officials in order to increase the number of borrowers from their campus.

Slapping lenders on the wrist, the new law cuts their federal subsidies, redirecting the funds toward federal grants for low-income students. Later this year, the Pell Grant will be increased up to $4,800/year; by 2012, the Pell will provide up to $5,400 annually. The College Cost Reduction and Access Act will also cut in half the interest rates on federally subsidized loans over the next five years.

>>> Qualifying For Need-Based Student Loans

Sallie Mae Student Loans Ad

Filed Under: Financial Aid News Tagged With: college, financial aid, loan forgiveness, student loan, university

Primary Sidebar

FinancialAidFinder Logo
Sallie Mae Student Loans Ad

Latest Scholarship Postings

Nielsen Rewards No-Essay Scholarship (Deadline: October 1, 2023)

September 26, 2023 By The FinancialAidFinder Scholarship Team

2024 D’Andre J. Brown Memorial Scholarship (Deadline: April 1, 2024)

September 26, 2023 By The FinancialAidFinder Scholarship Team

John Nathan Lee Foundation Heart Scholarship (Deadline: December 22, 2023)

September 26, 2023 By The FinancialAidFinder Scholarship Team

Ventana Ocean Conservation Scholarship (Deadline: July 15, 2024)

September 26, 2023 By The FinancialAidFinder Scholarship Team

More Scholarship Listings

Sallie Mae Student Loans Ad

Explore Financial Aid Finder

  • College Financial Aid
  • Saving for College
  • Military Financial Aid
  • Grants for College
  • Student Scholarships
  • Student Scholarship Search
  • Find Student Loans
  • Financial Aid Info
  • Register to Receive College Financial Aid Updates
  • About FinancialAidFinder
  • Contact Us

Tags

529 plans applying for scholarships college college financial aid college savings plan college savings plans college scholarship college scholarships college student loans college tuition community college debt distance learning education engineering scholarship essay scholarships expected family contribution FAFSA federal student loans financial aid financial aid application financial aid eligibility free money for college GI Bill grant Grants hispanic scholarships minority scholarships Pell Grant Pell Grants private student loans reduce cost of college saving for college scholarship scholarship applications scholarship essays Scholarships scholarships for college student financial aid student loan student loan consolidation student loan debt Student Loans Info tuition work study

Footer

About FinancialAidFinder
Contact Us
Privacy Policy
Cookie Policy

Scholarship Submissions

If you offer a college scholarship, you can submit it to us through this form:

Scholarship Submission Form

Copyright © 2023 · FinancialAidFinder - All rights reserved.