Postsecondary Student Assistance Amendments of 1981

[AI summary unavailable — showing source text] Postsecondary Student Assistance Amendments of 1981 - Amends the Higher Education Act of 1965 to limit the amount of any student loan made after October 1, 1981, which may be covered by Federal loan insurance to the student's financial need for the period of instruction covered by the loan. Sets similar limits on loans insured under State or nonprofit private institutional student loan programs which receive Federal interest subsidy payments. Applies provisions for need analysis to such loans (under the guaranteed student loan program). Repeals provisions which counted specified student loans as part of the expected family contribution for purposes of other forms of student assistance. Permits loans to parents to be counted as part of the student's expected family contribution in the determination of need for all forms of student assistance under such Act. Revises need analysis provisions for higher education student assistance programs. Deletes provisions which specified that effective family income includes certain social security student benefits and one-half of veterans' education assistance. Directs the Secretary of Education to set a series of assessment rates to be applied t…