Jon S. Corzine: “It goes through tuition hikes. It goes through how Federal funding for grants and loans has not kept pace with the rise…”

“It goes through tuition hikes. It goes through how Federal funding for grants and loans has not kept pace with the rise in tuition. It talks about students having to work many additional hours to be able to meet the financial stress. It is a very complete review of what the burden on working families is with regard to paying for higher education and having access to the American promise that provides. I put that into the Record because it sets the framework for what I am talking about with regard to these regulations on financial aid. I will explain these cuts in student aid which I feel are inappropriate for the times, but I think I can show they are totally unfair within the context of what is happening in the real world. This is a case where people in the Department of Education are operating off of information that is dated and is not applicable to the current circumstances. I will take a few minutes to explain the situation, which is not immediately obvious, but it is very clear it undermines access to higher education in a very substantial way. On May 30 of this year, the Department of Education changed the formula for determining eligibility for Pell grants and other types of Federal financial aid.”