Access to Postsecondary Education Act

[AI summary unavailable — showing source text] 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 fami…