Patrick Kennedy: “Mr. Chairman, the debate is about students, students and their futures. The cost of a college education is rising faster…”

“Mr. Chairman, the debate is about students, students and their futures. The cost of a college education is rising faster than middle-income families can afford. In fact, paying for college now ranks second only to buying a home as the most expensive investment for the average family. Last week in my State of Rhode Island, three colleges announced once again that they were raising their tuition. In the last 5 years the University of Rhode Island has raised tuition 83 percent. Rhode Island College and the Community College of Rhode Island tuition has gone up 67 percent and 66 percent respectively since 1990. What makes matters worse, the balance of aid that students have used in the past to help them afford these rising costs has shifted. In the early 1980s it was 75 percent grants and 25 percent loans. Today, the reverse is true. It is 75 percent loans and 25 percent grants. And the Republicans now want to eliminate the interest subsidy for student loans.”