Michael Castle: “Everyone recognizes that Federal student aid is a good investment. Pell Grants, together with campus-based aid programs…”

“Everyone recognizes that Federal student aid is a good investment. Pell Grants, together with campus-based aid programs, Federal student loans and other higher education benefits help make a college education accessible to every American student. With enactment of the Higher Education Act in 1965, these financial aid programs truly did make college more affordable. But beginning in the eighties and in the decades since, college tuition has skyrocketed. Despite our best efforts to keep pace by investing in student aid, college is becoming less affordable for many families. Tuition goes up, so we increase financial aid. But when we increase financial aid, tuition goes up. It's a vicious cycle.”