Increasing Student Achievement by Increasing Student Support Act - Directs the Secretary of Education to award competitive, renewable, five-year grants to partnerships between low-income local educational agencies (LEAs) and schools offering graduate programs in school counseling, social work, or psychology to increase the number of program graduates employed by low-income LEAs.

Defines "low-income LEAs" as those that: (1) serve students at least 20% of whom are from families with incomes below the federal poverty level; and (2) have no more than 1 school counselor for every 275 students, 1 school psychologist for every 770 students, and 1 school social worker for every 440 students.

Allows the use of grant funds to:

• provide program graduate students with field training at partnership LEA schools;
• contribute to program graduates' salaries at such schools for up to three years after they graduate;
• increase the number of school counselors, social workers, and psychologists per student, and from underrepresented backgrounds, in such schools;
• enhance the capacity of partnership graduate schools to train such professionals;
• develop course work designed to facilitate such graduates' service to low-income LEAs and at-risk students; and
• provide tuition credits to such graduate students and student loan forgiveness to program graduates employed as school counselors, social workers, or psychologists by low-income LEAs for at least five consecutive years.

Directs the Secretary to establish a program providing student loan forgiveness to non-participants in this Act's grant program who have been employed for at least five consecutive years as school counselors, social workers, or psychologists by low-income LEAs.

Requires the Secretary to identify a formula for future use in designating regions as eligible for benefit programs due to their having a shortage of such school personnel.