The work we do here today has direct consequences on your lives and futures. I hope all my colleagues will keep today's hearing grounded in our most important priority: supporting your success and pursuit of the American Dream.

But the Pell Grant could not keep up with the cost of college. So, through the years the student debt crisis grew. And now the crisis has turned into a catastrophe.

The declining value of the Pell Grant, the bedrock of our financial aid system, has also increased the burden for students and families.

Where were you when we bailed out the airlines, the automobiles, the State governments, the local governments?

Let us help our children. Let us help the hard-working people who are making a difference, and who deserve our support, and who will help our economy, and our economy will prosper.

The cost of college keeps rising out of control.

President Biden said erase student loans up to $20,000.00 for some, and $10,000.00 for most, and the republicans are whining.

In 1975, the Pell Grant covered nearly 80 percent of the average cost of tuition room and board at a public 4 year university.

Thankfully, in response, the Biden Harris administration has taken historic steps to provide borrowers with a clear path to repayment, and protect students, families and taxpayers.

The cost of attending college today has more than tripled what it cost to attend college in 1980.

Now it covers just less than a third of the average cost, leaving far too many low-income students and families with unmet needs.