This week, Indiana Sen. Todd Young participated in the fourth of a series of hearings focused on reauthorizing the Higher Education Act. During the hearing in the Senate Health, Education, Labor and Pensions (HELP) Committee, Young highlighted the need for affordability in our higher education system that is becoming increasingly out of reach for many Americans.
Over the last seven years, the amount of student loan debt has doubled while median household incomes have decreased. Income share agreements (ISAs) provide students with an opportunity to design financial aid best suited to their needs. Young introduced the Investing in Student Success Act, which would establish a framework and instill consumer protections for ISAs.
Young also discussed strategies that institutions of higher education in Indiana are using to address college affordability. Senator Young’s recent legislation, the Innovation Zone Act (IZ Act), would provide a streamlined approach for institutions to participate in experiments that increase student success. The IZ Act would require better communication to Congress on the results of those experiments in order to enact real policy changes.
“When I visited Purdue University last October, I met Amy Wroblewski, a first-generation college student who became increasingly worried about her student loans and her ability to pay them back. By participating in Back a Boiler, an income share agreement program, Amy can financially plan for the future and focus on excelling in her classes,” said Young. “ISAs are one potential solution that can help make a difference in the growing college affordability crisis.”
View Young’s remarks from the HELP hearing.
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