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Paying for College: Think Federal Aid First - Tuesday, November 18, 2008
Time: 8:00 PM - 9:00 PM ET
Improving college access and affordability is key to giving more Americans a chance at higher education and keeping America competitive.
--U.S. Secretary of Education Margaret Spellings
In an era when what students know is the most important factor in determining success, postsecondary education has never been more critical. Although two thirds of high-growth, high wage jobs require a college degree, only a third of Americans have one. Ninety percent of the fastest-growing jobs in the knowledge-driven economy will require postsecondary education but more than 60 percent of Americans ages 25-64 have no postsecondary education credential. The National Center for Higher Education Management Systems estimates that to keep up with international competition, at least 20 million more Americans must access higher education by 2025. The demands of the global economy make clear what many parents have long been telling their children: a college education is the key to the American dream.
To sustain our country’s economic security and high standard of living in today’s global marketplace, we must increase our citizen’s access to and completion of a college degree, yet for many families, affordability remains the preeminent obstacle. College tuition is a barrier to access—rising 35 percent in the last five years, faster than inflation, family income and health care costs. In 1975, the average federal Pell Grant covered 84 percent of tuition and costs; in 2007, it covered just 36 percent. And, the average private school graduate leaves college $20,000 in debt.
In an effort to help families afford the opportunities of higher education, the Department has spent the past two years implementing many of the recommendations of the Secretary’s Commission on the Future of Higher Education and her subsequent Action Plan for Higher Education. Key reforms to make college more affordable include: streamlining the FAFSA application from 120 questions to just 27; working with Congress to reauthorize the Higher Education Opportunity Act; raising the maximum Pell Grant award to its highest level and its largest increase in over 30 years; and, ensuring seamless coordination among high schools and colleges to encourage low-income students to take the rigorous courses of study necessary to qualify for SMART and Academic Competitiveness Grants. In addition, new tools like College.gov, FAFSA4caster, and College Navigator are helping millions of families navigate the complex process of selecting and paying for college.
The November edition of Education News will spotlight the latest Departmental federal student aid programs, tools and resources; highlight schools and districts that are implementing innovative programs and initiatives to help disadvantaged youth succeed in and pay for college; and, provide tips and options to help parents plan for and finance college. The broadcast will cover such issues as:
- Why is a college education more important than ever before?
- What federal, state, local, private and philanthropic programs and initiatives are helping us achieve our postsecondary goals?
- How can we make postsecondary education more affordable for American families?
- How will the Commission on the Future of Higher Education’s final report and the Secretary’s Action Plan improve the accessibility, affordability and accountability of U.S. colleges and universities?
- When should parents and students start thinking about saving for college, and what programs and resources are available to help?
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