On the recordJanuary 7, 2015
I wish to thank Senators Bennet and Alexander for their work on this legislation. It is going to help our Nation's students make better, smarter, and more-informed decisions about higher education. Historically, the United States has been the leader globally in expanding college opportunity. We understand that an educated workforce is essential to our Nation's economic competitiveness. Without highly skilled workers, America will not be able to compete in the global economy. The average price of a college degree in the United States is climbing--about $13,856. Please put that in perspective with our competitor nations, nations that are keeping the cost of college low, knowing that their long-term competitiveness as a country depends on the education of their children, nations such as the United Kingdom, where a college education costs less than half of ours, and Germany, where kids pay a mere $933. The average American student now is graduating from college with around $29,000 in loans. In New Jersey, that is up from an average of $27,000 in 2011 and $23,000 and change in 2010. This is unacceptable. Mounting debt is undermining not only the success of our individual young people in our country, but it is undermining the long-term competitiveness our Nation has in a global knowledge-based economy. That is one reason why it is important that we work to make the process of obtaining financial aid simpler and more straightforward.…
