Today, I rise in strong support of the Higher Education Access Act, which takes critical steps to making higher education more accessible and more affordable for our nation's young people.
I would like to commend my colleague and good friend, Senator Kennedy, for standing up for our nation's students and for putting forward a bill that will make a tremendous difference for students across this nation who are struggling to afford college.
This bill begins to right the imbalance that has plagued student financial aid. For far too long, students struggling to afford college have seen their grants shrink, their loan rates go up, and their debt explode. This bill turns that trend around, by increasing grant aid for the neediest students and making a $17 billion dollar investment in student aid, the largest since the passage of the GI bill.
M. President, we all know that education is the key that unlocks social mobility and economic empowerment. I know that from personal experience. As I have said on this floor before, without federal financial assistance, without Pell Grants - one of the key programs we are talking about today - I would not have been able to afford college, nor would I have had access to the opportunities that my college education afforded me.
And I am not alone. Millions of young people across this nation have dreams of earning a college degree, of having access to the key that will unlock their own economic empowerment. Some dream of building a successful career, or going on to graduate education, or to be the first in their family to graduate from college, as I was.
The power of those dreams is why our students and their families are making sacrifices to meet the high cost of college, why they are scraping together what they can to finance the education that will lead them to their dreams.
But, the reality is that it is becoming harder and harder to achieve that goal.
Every year, nearly half of all college-ready students in families with incomes under $50,000 cannot go to a four-year college because cost is too much of a barrier.
Despite current aid, grants, and money that students earn working, many students face a growing gap between the aid they receive and the cost of college.
The lowest-income students at four-year colleges face roughly $5,800 in unmet need - after a standard financial aid package, after their loans, and after the amount that their families contribute. The fact is, for the neediest students, current aid is simply not enough.
The fact is, students have been squeezed on two ends - one, by declining federal aid that has sent students the message that they are on their own; and two - by having to rely increasingly on student loans, which are supposed to provide a needed boost to students, but instead have left them with deals that are not in their best interest.
So I am proud of this bill, because it will put money where it is needed most - into Pell Grants and other critical financial assistance that benefit our nation's students with the most need.
Instead of another empty promise to increase Pell Grants, this bill will increase the maximum Pell Grant - to $5,100 next year, and beyond that, to $5,400. There is simply no excuse for the fact that Pell Grants have not increased by even one dollar over the last five years. With this bill, we are ending the neglect of our nation's neediest students.
We also will expand who is automatically eligible for a Pell Grant. Currently, a student is eligible for Pell Grants if their family makes $20,000 per year. This bill will increase that annual income limit to $30,000, so that more students can be eligible to benefit from Pell Grants.
This bill works to protect students working hard to stay in college. By doubling the amount a student can earn but remain eligible for aid from $3,000 to $6,000, this bill ensures a student won't lose their financial aid for simply working to make extra money.
This bill also helps students who are struggling to pay back their federal loans by capping the amount they will pay at 15 percent of their income - this will help ensure they are not paying back more than they can afford. This is a critical step towards ensuring loan repayments are affordable and not over burdensome for recent graduates.
I am also extremely pleased that this bill builds on a proposal I have supported for some time - expanding loan forgiveness for those who are working in jobs that serve the public. By providing some of our most needed public servants - our teachers, police officers, early educators, social workers, and school librarians - the chance to have their loans forgiven after they have been working hard to pay off those loans, we are sending a powerful message. We are saying, if you are willing to serve the public, we will gave back. If you make sacrifices in your daily job, we appreciate that sacrifice and we want to lessen the financial burden. And, we will help ensure that today's students do not shy away from a career in public service simply because they think they cannot afford it.
So, M. President, I am proud of the different direction this legislation takes. This bill is sensible, it is reasonable, and it is fair. It makes our priorities clear: instead of subsidizing lenders, we should be putting every last dollar possible into the pockets of students.
In addition, we are providing $17 billion in new aid to students without charging taxpayers a dime. In this bill, we are putting nearly $1 billion dollars towards deficit reduction. As a member of the Budget Committee, I am pleased to see this bill recognizes the responsibility we have not just to our students, but to future generations, who do not deserve to be saddled with a our nation's rising debt.
M. President, this bill is integral to making higher education more accessible and affordable for more young people. It is a step forward to ensuring the student loan system works for students and their families. And it is key to preserving the integrity of our nation's higher education system. I urge my colleagues to vote in favor of this bill.
