Donald M. Payne: “I want to thank my colleagues for anchoring tonight's CBC Special Order on student loans and thank Congressman Jeffries…”

“I want to thank my colleagues for anchoring tonight's CBC Special Order on student loans and thank Congressman Jeffries for that kind observation. Access to quality education is the basis the American Dream. In 1965, the Higher Education Act was passed by Congress and signed into law by President Lyndon Baines Johnson, a former rural schoolhouse teacher, who fully understood that education is the greatest equalizer. Since then, student aid in this country has been a springboard that gives hardworking students with low- to moderate-income the opportunity to realize their goals and transcend economic status. The Federal Pell Grant program helps more than 9 million students get to and through college. Unfortunately, while Pell Grants cover a significant portion of tuition, currently it pays for less than one-third of a student's tuition at most 4-year public colleges. Given rising tuition costs and the decline in family incomes, the importance of financial aid has only increased with time. The cost of college tuition in the U.S. has increased by more than 1,000 percent-- yes, 1,000 percent--since the 1980s. This is more than the growth in the consumer price index. At the same time, the Federal Pell Grant is covering an even smaller percentage of the overall college cost. As a result, the success of our graduates is being hampered by mounting debt. Two-thirds of college seniors who graduated in 2011 accumulated more than $26,000 in student loan debt.…”