Access to Postsecondary Education Act

Access to Postsecondary Education Act - Amends the Higher Education Act of 1965 to raise the interest rates on student loans made, insured, or guaranteed under such Act. Sets the interest rate for such loans to cover the cost of instruction for any period beginning on or after August 1, 1982, at: (1) 10.75 percent per year on the unpaid principal balance of the loan to undergraduates; and (2) 12 percent per year for any other borrower. Provides that, for specified periods during which the average bond equivalent rate of auctioned Treasury bills differs from 12 percent per year by more than one percent, the applicable interest rate of such loans shall be adjusted according to specified formulas to reflect the Federal cost of borrowing.

Requires the eligible institution to provide the lender a determination of need for a loan and the amount of such loan in order for a student to qualify for a portion of interest payment under provisions for Federal payments to reduce student interest costs.

Repeals provisions for separate needs assessment for student loans.

Revises provisions for need analysis to provide for adjustments to reflect any Federal financial assistance received by the family with respect to other dependents in postsecondary education programs. Repeals a provision which excludes all equity in a single principal place of residence from the computation of assets for purposes of determining the expected family contribution.

Eliminates grace periods before repayment of specified student loans after academic failure.

Increases the minimum repayment amounts of specified student loans.

Increases the interest rate on defaulted student loans.

Raises to ten percent of the principal the amount which an eligible lender may charge as an origination fee for specified student loans. Extends to August 1, 1984, the period during which the disclosure of such fee need not meet certain Federal and State disclosure requirements.