Mr. President, we need to rethink financial aid in this country. We need urgent action if we are to reform our system, to return to the roots, the ideals that made college affordable for generations past, and hopefully for this generation and generations to come. Back in the 1970s and 1980s when several Members of today's Senate were college students, the Pell grant, which is the cornerstone of our Federal student aid programs, covered as much as 72 percent of the cost of attendance at a 4-year public college. For the 2014-2015 academic year, the maximum grant is expected to cover less than one-third of the cost. Investing in things like Pell grants is critical to ensuring the doors to higher education remain open to all students with the talent and desire to pursue a college degree. Young people today deserve the same fair shake that Members of this body got when we were undergraduate students, when grants and not loans covered most of the cost of college. Now, I was fortunate enough at 17 to join the Army and attend West Point. So I did not have to face the rigors of financing college education. But everyone I know in my generation will tell you it was easier then because there was a strong Federal commitment to supporting men and women of talent and desire to go on to college. Ever-rising costs today are just pricing out a whole generation from college education.…
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