introduction of Alleviating Intergenerational Debt (AID) Act
LANSING, Mich. — In Washington, D.C., as part of the first session of the 118th Congress, Haley Stevens (MI-11) introduced a bill titled the Alleviating Intergenerational Debt (AID) Act (H.R.2981).
This legislation would expand eligibility for federal student aid by amending the Student Aid Index (SAI) formula to include outstanding parental student loan debt in the list of items considered in the calculation. By taking parental student loan debt into account when calculating SAI, financial aid administrators will be given a more accurate picture of a family’s true financial need and qualify more students for federal aid dollars.
Statement from Michigan College Access Network Executive Director Ryan Fewins-Bliss:
“Rising college costs have created a challenging decision for students and families as they weigh the economic benefits of a college education against the prospect of long-term student loan debt. This decision becomes even more fraught when parents and guardians are still managing their own student loan debt, which limits the opportunities available to the next generation.
“We believe every student deserves access to an affordable postsecondary education and that their dreams should not be deferred by parental student loan debt. We applaud Rep. Stevens for introducing the Alleviating Intergenerational Debt (AID) Act to ensure those debts are accounted for when calculating students’ financial aid eligibility.
“Michigan College Access Network supports this bill, and we hope to see similar legislation at the national level that tackles systemic barriers to college access and affordability. By ensuring that all students — especially low-income students, first-generation college-going students, and students of color — have the opportunity to attend college, we can move Michigan closer to reaching Sixty by 30.”
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ABOUT MICHIGAN COLLEGE ACCESS NETWORK (MCAN)
As the leader in the state’s college access movement, MCAN works to improve the futures of Michigan’s students and communities by making college accessible to all. MCAN’s work centers on one main goal: To increase Michigan’s postsecondary educational attainment rate to 60% by 2030. MCAN engages partners statewide who are committed to systems-level change and the reduction of barriers to increase college readiness, participation, and completion rates, particularly among low-income students, first-generation college-going students, and students of color. For more information, visit micollegeaccess.org.
