On the recordMay 20, 1996
(a) Findings.--The Senate finds that-- (1) over the last 60 years, education and advancements in knowledge have accounted for 37% of our nation's economic growth. (2) a college degree significantly increases job stability, resulting in an unemployment rate among college graduates less than half that of those with high school diplomas. (3) a person with a bachelor's degree will average 50-55% more in lifetime earnings than a person with a high school diploma. (4) education is a key to providing alternatives to crime and violence, and is a cost effective strategy for breaking cycles of poverty and moving welfare recipients to work. (5) a highly educated populace is necessary to the effective functioning of democracy and to a growing economy, and the opportunity to gain a college education helps advance the American ideals of progress and social equality. (6) a highly educated and flexible work force is an essential component of economic growth and competitiveness. (7) for many families, federal student aid programs make the difference in the ability of students to attend college. (8) in 1994, nearly 6 million postsecondary students received some kind of financial assistance to help them pay for the costs of schooling.
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