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BRINGING OPPORTUNITY WITHIN R EACH: R ENEWING OUR COMMITMENT TO QUALITY AND

AFFORDABLE HIGHER EDUCATION FOR ALL AMERICANS 

INTRODUCTION 

The staggering cost of post-secondary education creates an impossible choice for too many students: take

on tens of thousands of dollars in debt to finance a degree with unknown job prospects, or forego collegeor vocational training altogether, even though higher education continues to offer an unparalleled returnon investment. Between 1980 and 2010, the total cost of attending a four-year public college or universityincreased by 144 percent.1 These cost increases have not been limited to traditional colleges; communitycolleges, traditionally a low-cost option for more technical career tracks, have seen tuition rise by 24 percent in the last five years, with an almost six percent increase in the last year alone.2 As tuitionincreases, so too does the burden of student debt. In 2011, the average student borrower graduated with$26,600 of debt,3 and almost one in five student loans were more than three months delinquent in 2012,up from one in ten in 2004.4 This unprecedented strain has forced many students to choose betweentaking on an extraordinary financial burden and acquiring the skills needed to be successful in today’seconomy.

We must make a post-secondary education available to every American, whether they attend a traditionalfour-year college, a community college, or pursue a vocational or technical school education. Bachelor’sdegrees merit special attention. They provide a 15 percent return on investment per year 5 — more thantwice as much as the stock market — and graduates of four-year colleges earn almost one million dollarsmore than high school graduates over the course of their careers.6 Yet, skyrocketing costs have madethese colleges and subsequent job opportunities out of reach for millions of Americans.

We must also recognize that a college education is not the only path to the middle class. This meansincreasing funding for community colleges, improving access to vocational schools, and developingcertification systems that reward people, like veterans, who learn needed skills outside of a classroom. Indoing so, we can ensure that all Americans have the skills and credentials to succeed in the 21 st centuryeconomy.

 No matter the type of post-secondary education, we must ensure that it is both affordable and transparent,so that students and their families can make informed, forward-looking decisions. Nothing less than the

1 All increases account for inflation unless noted otherwise. Between 1964 and 2010 refers to the 1964-65 and 2010-11 school years. ―Average Undergraduate Tuition and Fees and Room and Board Rates Charges for Full-TimeStudents In Degree-Granting Institutions, by Level and Control of Institutions: 1964-65 through 2010-11,‖ Instituteof Education Sciences, (accessed September 20, 2013), http://nces.ed.gov/programs/digest/d11/tables/dt11_349.asp.2 Phillip Elliott, ―College Costs Keep Rising Faster than Inflation, Survey Says,‖ Christian Science Monitor, (August13, 2013), http://www.csmonitor.com/Business/Latest-News-Wires/2013/0813/College-costs-keep-rising-faster-than-inflation-survey-says. 3 ―Project on Student Debt: State by State Data,‖ The Institute for College Access & Success, (October 2012),

http://projectonstudentdebt.org/state_by_state-view2012.php?area=NJ.4 Michael Greenstone and Adam Looney, ―Rising Student Debt Burdens: The Factors Behind the Phenomenon,‖Brookings Institution, (July 5, 2013), http://www.brookings.edu/blogs/jobs/posts/2013/07/05-student-loans-debt- burdens-jobs-greenstone-looney. 5 Michael Greenstone and Adam Looney, ―Where is the Best Place to Invest $102,000 -- In Stocks, Bonds, or aCollege Degree?‖ Brookings Institution, (June 25, 2011), http://www.brookings.edu/research/papers/2011/06/25-education-greenstone-looney. 6 Anthony P. Carnevale, Stephen J. Rose, and Ban Cheah, ―The College Payoff: College, Education, LifetimeEarnings,‖ Georgetown University Center on Education and the Workforce, (August 5, 2011),http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/collegepayoff-summary.pdf. 

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quality of life for millions of Americans, social mobility at the heart of the American Dream, and our nation’s future economic competitiveness hang in the balance.

I. HELPING FAMILIES AFFORD HIGHER EDUCATION 

The Great Recession served as a stark reminder of the challenges facing those without post-secondaryeducation. Nearly 80 percent of the jobs lost during the recession were held by Americans who had, atmost, completed high school.7 Similarly, during our economic recovery, while employment prospectshave improved for those with a post-secondary degree, jobs for workers without post-secondary educationcontinue to disappear. 8 Though we have made great strides in improving access to higher education over the last 30 years — the adult population with post-secondary degrees has increased by 24 percent — wemust redouble our efforts to make college more affordable. 9 Cost should never prevent an American from pursuing the knowledge and skills needed to succeed. Therefore, we should:

a.  Keep student l oan rates predictable and low. Currently, about one-fifth of student loans are over three months delinquent,10 and the federal student loan default rate for borrowers in their first twoyears of repayment exceeds nine percent. 11 After months of gridlock, Congress approved

legislation this summer to restructure the federal student loan program by imposing limits on howhigh rates could rise and tying interest rates for new student loans to the interest rate of the 10-year Treasury note. While this solution keeps the rates students pay relatively low in the shortterm, loan rates may surpass the current rate within five years as the economy improves. We mustact aggressively to keep student loan rates low. In doing so, we can relieve our graduates of anunmanageable debt burden and decrease the likelihood of default.

b.  Provide federal support to incentivize “Pay it Forward” -style programs. Under a ―Pay-it-Forward‖ system, students do not pay upfront tuition or take out traditional loans, but rather paythe cost of their education through a post-graduation payroll deduction – a small percentage of their adjusted gross income for a designated number of years following graduation. By tyingrepayment to income, debt becomes more manageable, especially during tough economic times or 

if students choose careers with lower earning potential. Under this financing structure, paymentswould be directed to a statewide higher education fund that, if configured correctly, wouldeventually be self-sustaining. The State of Oregon has already passed legislation to explore a―Pay-it-Forward‖ pilot program.12 The federal government should pursue ways to assist states,like Oregon, undertaking innovative strategies. Additionally, we should consider other avenues tolimit student debt burden, including income-based repayment systems like those recently proposed by President Obama and some members of Congress.

7 Anthony Carnevale, Tamara Jayasundera, Ban Cheah, ―The College Advantage: Weathering the Economic Storm,‖Georgetown Public Policy Institute, Center on Education and the Workforce, (August 2012),http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/CollegeAdvantage.FullReport.081512.pdf.8 Id.9

 ―Census Stats Show Degree Holders Less Likely to Be Unemployed,‖ National Association of Student FinancialAid Administrators, (accessed September 21, 2013),http://www.nasfaa.org/research/News/Census_Stats_Show_Degree_Holders_Less_Likely_to_Be_Unemployed.aspx.10 Michael Greenstone and Adam Looney, ―Rising Student Debt Burdens: The Factors Behind the Phenomenon,‖Brookings Institution, (July 5, 2013), http://www.brookings.edu/blogs/jobs/posts/2013/07/05-student-loans-debt- burdens-jobs-greenstone-looney. 11 ―First Official Three-Year Student Loan Default Rates Published,‖ U.S. Department of Education, (September 28,2012), http://www.ed.gov/news/press-releases/first-official-three-year-student-loan-default-rates-published.12 Douglas Belkin, ―Oregon Explores Novel Way to Fund College,‖ Wall Street Journal, (July 3, 2013),http://online.wsj.com/article/SB10001424127887324251504578582101593420808.html.

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c.  Create a coll ege and technical school trust fund for chi ldren i n households that receive EI TC 

benefits. As proposed in this campaign’s policy paper on child poverty, the federal governmentshould create a college savings trust plan tied to the Earned Income Tax Credit. The plan would place a $400 per year, per child deposit into a trust account that could be used for approved post-secondary college or career education. The deposit would be issued in conjunction with a

family’s EITC payment and would need to be accessed within a set time frame following highschool graduation. An additional $100 per year of annual matching funds would be available for deposits made by families, states, or philanthropists. The result could be significant: under the proposed program, children in EITC households would be eligible for up to $9,000 in EITCtuition assistance for post-secondary training, covering a majority, if not all, of tuition and feesfor many students in EITC households. 13 

d.  Ensure that l ow-income famil ies are not penali zed for saving for coll ege . In today’s economy,it’s hard enough for families to make ends meet and still have money left over for long-termsavings. To make matters worse, many states count savings held in 529 plans toward anindividual’s asset limit determining loan eligibility.14 Intended as a safeguard against better-off individuals receiving scarce resources, this can cause low- and moderate-income families to

 become ineligible for important social programs simply because they saved for college. Congresshas already exempted savings held in 529 plans from the asset limit for the Supplemental Nutrition Assistance Program.15 Now, Congress should extend this protection to other social programs to ensure that low-income families are rewarded for saving for college, while alsoensuring that there are not loopholes that benefit wealthier families. 

e.  Create a Pell Grant matching program. To attract top students, many colleges have increased the percentage of institutional aid dollars dedicated to merit-based aid, which disproportionately benefits wealthier students.16 This has put significant strain on those low-income students whorely only on need-based aid. A recent report from the New America Foundation found that 44 percent of the public colleges they studied, and an even a greater share of private colleges, chargelow-income students a net price greater than $10,000 per year. 17 Congress can address this

funding gap by requiring these colleges to match Pell Grants using institutional aid dollars. Thematching requirement would be structured to ensure that it is sustainable for colleges with smaller endowments or larger percentages of students who receive Pell grants.

f .  I ncrease the maximum size of Pell Grants. Over the last several years, the Obama administrationhas made tuition assistance more generous, including increasing the maximum Pell Grant award by $905.18 The Pell Grant is central to making college affordable for low- and middle-incomestudents, but even with recent changes, has failed to keep pace with tuition increases. We must

13 Cory Booker, ―Strengthening Competitiveness, Ending Child Poverty,‖ (June 2013),http://www.corybooker.com/vision/policy-papers/child-poverty.14

 Rourke O’Brien, ―529s and Public Assistance: Asset Limits as a Barrier to College Savings,‖ New AmericaFoundation, (November 2009), http://www.newamerica.net/publications/policy/529s_and_public_assistance. 15 Id.16 In this report, low-income refers to students whose family income is less than $30,000. Stephen Burd, KevinCarey, Jason Delisle, Rachel Fishman, Alex Holt, Amy Laitinen, and Clare McCann, ―Rebalancing Resources andIncentives in Federal Student Aid,‖ New America Foundation, (January 29, 2013),http://newamerica.net/sites/newamerica.net/files/policydocs/NAF_Rebalancing%20Resources%20FINAL.pdf. 17 Id.18 ―Education: Knowledge and Skills for the Jobs of the Future,‖ The White House, (accessed September 19, 2013),http://www.whitehouse.gov/issues/education/higher-education.

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increase the maximum size of the Pell Grant to ensure that it continues as a foundation for collegeaffordability for years to come.

II.  DRIVING DOWN THE COST OF HIGHER EDUCATION AND IMPROVING EFFICIENCY 

While we can do more to help families afford college, we must also control troublesome trends in tuitionand other costs. Here in New Jersey and across the country, a massive spike in college enrollment has been met with steep cuts in state support. Since 2008, New Jersey higher education funding has been cut by more than 27 percent per student.19 In many cases, colleges have had to make up for these cuts byraising tuition. With higher education costs outpacing inflation, we can do more in New Jersey and acrossthe country to reverse this trend by:

a.  Linking campus-based aid to coll ege affordabili ty and perf ormance . Since 2008, 48 states havecut higher education funding, resulting in a 28 percent cut in state funding per student.20 Manycolleges have gone to great lengths to avoid making up for funding cuts by transferring costs tostudents. As President Obama has proposed, we should reward those public and private collegesthat successfully keep tuition down by increasing their funding for campus-based aid programs,

such as Perkins Loans. At the same time, we should decrease funding for these programs atcolleges that raise tuition without providing students more value. Incentives must be consideredcarefully; we must not unfairly punish colleges forced to raise tuition due to drastic state budgetcuts.

b.  Disbursing Pell Grants in in tervals to prevent waste . Between 2003 and 2008, federal and stategovernments spent over $9 billion on students that dropped out of college before their secondyear. 21 This underscores the ample opportunity to cut waste and enhance the effectiveness of the program. To minimize inefficient spending on Pell Grants, we should disburse funding ingraduated intervals, rather than as a lump sum at the beginning of each semester. By doing so, noundue federal Pell Grant money will be disbursed for a student who withdraws from school mid-semester. This reform should be implemented in a way that is sensitive to colleges ’ and

universities’ need to maintain budget stability.

c.  I ncreasing the graduation rate for students who receive Pell Grants.  Our current Pell Grant program expands the maximum grant amount for which a student is eligible as he or she progresses in school. Seniors, for example, are eligible for a larger Pell Grant than freshmen. Toincentivize graduation, we should further increase the maximum Pell Grant award for studentsnearing completion of their degrees. Additionally, we can encourage renewed focus on graduation by offering bonuses to colleges based on the number of Pell Grant recipients they graduate.

d.  Al lowing Pell Grants to supplement a year -round higher education. Restoring the year-roundPell Grants that were cut in the 2011 budget deal would allow students with the greatest need tograduate more quickly. By funding summer classes, students could continue their studies, keep

19 Phil Oliff, Vincent Palacios, Ingrid Johnson, and Michael Leachman, ―Recent Deep State Higher Education CutsMay Harm Students and the Economy for Years to Come,‖ Center on Budget and Policy Priorities, (March 19,2013), http://www.cbpp.org/cms/?fa=view&id=3927.20 Id.21 Mark Schneider, ―Finishing the First Lap: The Cost of First-year Student Attrition in America’s Four -Year College and Universities,‖ American Institutes for Research, (October 2010),http://www.air.org/files/AIR_Schneider_Finishing_the_First_Lap_Oct101.pdf. 

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their work-study or local job without interruption, and reduce the costs of moving out of housingfor the summer.

III.  PROVIDING FAMILIES WITH BETTER INFORMATION 

Deciding whether and where to attend college are some of the most important and expensive decisions a

student and his or her family makes. Yet, each year, students consider these high stakes choices whilerelying upon word of mouth, misinformation, and limited data published by colleges themselves. We canhelp students make informed decisions by making readily available vital information, such as particular institutions’ graduates’ average future earnings and relevant data on debt burden. We should alsostreamline the application process for financial aid to ensure that students are able to take advantage of the resources that are already available to them. To increase transparency and make it easier to obtainfinancial aid, we should:

a.  Ensure that crucial information about colleges is publicly available. Under current laws,colleges are not required to publicly provide information relevant to school selection. As a result,applicants are often left in the dark in regards to colleges’ relative strengths and weaknesses.President Obama made great strides in improving transparency with his proposal for a

comprehensive college scorecard to help aid student decision-making. Congress can further support this effort by passing the Student Right to Know Before You Go Act .

22 The bill wouldrequire the Department of Education to publish data including how much graduates make in eachmajor and graduation rates for non-traditional students. Transparency can help drive down risingtuition; lack of information about college performance can provide cover for colleges to raisetuition. It can also create a perverse incentive for colleges to raise tuition to signal that they provide more value than their peers.23 

b.  Streamline the Free Application for Federal Student Ai d (FAFSA). No student should miss outon an affordable education because of an unwieldy and burdensome application process. But for many, the process of applying for financial aid is so complex that it reinforces the perception thatcollege is out of reach. Evidence suggests that the complexity of the FAFSA process — with over 

125 questions — is a significant hurdle for low- and middle-income students applying for financialaid. A 2004 study found that in the preceding year, an estimated 1.5 million students who wouldhave been eligible for Pell Grant assistance did not fill out the required FAFSA. 24 In addition, 30 percent of full-time community college students from families with incomes under $50,000 chosenot to complete the FAFSA, even though almost all of them would have qualified for at leastsome assistance. 25 The Obama administration has made important reforms to reduce the number of questions and web screens contained in the FAFSA. We must continue to make changes thatstreamline and simplify the FAFSA process.

c.  Educating students and famil ies on college affordabili ty.  Nearly half of all high school studentsdo not know how to finance a college education, let alone how to interpret their loan

22 ―The Student Right to Know Before You Go Act of 2013,‖ Office of Senator Wyden, (accessed September 29,2013), http://www.wyden.senate.gov/download/bill-summary_student-right-to-know-before-you-go-act. 23 Andrew Gillen, ―A Tuition Bubble? Lessons from the Housing Crisis,‖ Center for College Affordability andProductivity, (April 2008), http://www.centerforcollegeaffordability.org/uploads/Bubble_Report_Final.pdf. 24 Doug Lederman, ―1.5 Million Aid-Eligible Students Don’t Apply,‖ Inside Higher Ed, (February 10, 2006),http://www.insidehighered.com/news/2006/02/10/fafsa.25 ―Simplifying Student Aid: The Case for An Easier, Faster, and More Accurate FAFSA,‖ National EconomicCouncil, (September 2009), http://www.whitehouse.gov/assets/documents/FAFSA_Report.pdf.

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agreements. 26 To increase public understanding, the federal government should provideincentives for school districts and not-for-profits to provide in-depth seminars to educate studentsabout financing college, including available resources, processes, and relevant deadlines. Thisinformation will help students and families make more informed decisions about how to finance post-secondary education and ensure that they take on manageable levels of debt.

IV. PROMOTING POST-SECONDARY EDUCATION OPTIONS 

We must recognize that the higher education landscape and the demands of the global economy arechanging. With more than 40 million college-educated baby boomers nearing retirement or retiring by2020, the United States must produce enough educated workers to take their place. 27 To ensure that a post-secondary education remains affordable and responsive to the needs of the 21st century economy, avariety of educational choices must be provided. Community colleges, vocational and tech schools, andonline courses can often meet student demand at lower cost. We should:

a.  Restore fundi ng to communi ty colleges. Tuition rates at community colleges average less thanone-third those of public four-year institutions.28 With many of the fastest growing occupations infields that require associate degrees or certifications, community colleges and other two-year 

institutions can offer a better value for many students and families. However, the federalgovernment, through sequestration, is making this education less affordable. Sequestration cuts$37 million in Supplemental Education Opportunity Grants, which provide vital tuition assistanceto many community college students.29 The federal government should be doing more, not less,for these critical but underfunded institutions and the students who attend them.

b.  Promote vocational and other skil ls-based post-secondary education.  In a 2011 Wall Street  Journal op-ed, the CEOs of American Express and General Electric expressed concern about theskills gap of workers in the United States: ―there are more than two million open jobs in theUnited States, in part, because employers can’t find workers with the advanced manufacturingskills they need.‖ 30 The value of a post-secondary education is largely contingent on the student’sability to practically apply their degree upon graduation. Indeed, vocational degrees are more

affordable than traditional four-year programs and provide an alternative for students who seek amore technical career. This campaign’s manufacturing policy paper proposed creating a nationalcertification system for advanced manufacturing skills that would provide clear standards andhelp employers make effective hires. Vocational schools, as well as community colleges, canstructure their curricula to teach these skills. This competency-based approach would providestudents with a more affordable path to a good-paying job and reward students who learn newskills outside the classroom.

26 ―National Survey: Half of U.S. High School Seniors Don’t Understand the Cost and Terms of College StudentLoans,‖ Credit Union National Association, (April 22, 2013), http://www.cuna.org/Stay-Informed/Press-Room/2013-Press-Releases/National-Survey--Half-Of-U-S--High-School-Seniors-Don%E2%80%99T-Understand--The-Cost-And-Terms-Of-College-Student-Loans/. 27

―Skills for America’s Future Community College Facts,‖ The Aspen Institute, (accessed September 22, 2013),http://www.aspeninstitute.org/policy-work/economic-opportunities/skills-americas-future/what-we-do/community-college-facts.28Sandy Baum, Jennifer Ma, and Kathleen Payea, ―Trends in Public Higher Education: Enrollment, Prices, StudentAid, Revenues, and Expenditures,‖ College Board Advocacy & Policy Center, (May 2012),http://advocacy.collegeboard.org/sites/default/files/12b_5303_PubHighEd_AnalysisBrief_WEB_120530.pdf.29 ―Educators Say Community College Need Support, Not Cuts,‖ Education Votes, (May 1, 2013),http://educationvotes.nea.org/2013/05/01/educators-say-community-colleges-need-support-not-cuts/.30 Jeff Immelt and Ken Chenault, ―How We’re Meeting the Job Creation Challenge,‖ Wall Street Journal, (June 13,2011), http://online.wsj.com/article/SB10001424052702304259304576380323311523538.html.

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c.  Properl y regulate for -prof it coll eges and universiti es. There is no refuting both the demand for alternative forms of post-secondary education and the value that these alternative forms have provided to many students. Between 1998 and 2008, enrollment in for-profit colleges anduniversities tripled, and today, 13 percent of all students enrolled in post-secondary educationattend a for-profit institution.31 Notably, for-profit institutions often educate those students that

are underrepresented at nonprofit colleges, including minorities, older individuals, and veterans.32 In addition to massive enrollment and rapid growth, any discussion of for-profit institutions mustinclude the considerable role of the federal government. A study found that for-profit collegesand universities received $32 billion in federal financial aid in 2009, representing 79 percent of revenues for the companies they examined. 33 Given the significant federal financial stake, broadconcern regarding potentially misaligned incentives, and allegations of misleading advertisingtowards groups such as military personnel, we must ensure that they are responsible stewards of student investment of time and resources, and of federal funding. To this end, we must redoubleefforts to identify and prosecute cases of fraud and abuse. Furthermore, we should examine whichmetrics promote desired educational and professional outcomes, and consider tying them to theamount of federal aid these institutions are eligible to receive.34 

d.  Explore hybrid learning through MOOCs and other onl ine instruction . The introduction of online offerings, including Massive Open Online Courses (MOOCs), can help students accessvast amounts of information previously beyond their reach. Online instruction has the potential tonot only to diversify a student’s education, but also to lead to major cost savings at universities.Additionally, if MOOCs and other online educational organizations partner with companies to build relevant course materials, the amount of time a student needs to spend earning a post-secondary degree can be compressed, thus decreasing student costs. While important questionsremain to be answered, particularly related to credentialing, cost, and access, the governmentshould be a strong partner of educational institutions as they experiment with online technology.

CONCLUSION 

Following World War II, with the global economy in shambles, America rose to the challenge and provided returning soldiers with unprecedented access to post-secondary education. The GreatestGeneration used that education to start businesses and invent technologies that created a thriving middleclass unlike any seen before. But we seem to have forgotten what investing in access to higher education brought those individuals and our entire society. For many hardworking students today, higher education,a well-trodden path to the middle class, lies just out of reach. Soaring tuition, underfunded loan programs,and Washington gridlock combine to keep thousands of students from pursuing post-secondary education.And for those who do manage to earn a college degree, lingering student debt restricts career choice andlimits social mobility. We must renew our commitment to making access to quality, post-secondary

31 Tamar Lewin, ―Senate Committee Report on For -Profit Colleges Condemns Costs and Practices,‖ New York 

Times, (July 29, 2012), http://www.nytimes.com/2012/07/30/education/harkin-report-condemns-for-profit-colleges.html?pagewanted=all.32 Judah Bellin, ―The Unacknowledged Value of For -Profit Education,‖ The Manhattan Institute, (April 2013),http://www.manhattan-institute.org/html/ib_20.htm#.UkpCWbyE6PU.33 U.S. Senate Health, Education, Labor and Pensions Committee, ―For Profit Higher Education: The Failure toSafeguard the Federal Investment and Ensure Student Success,‖ (July 29, 2012),http://www.help.senate.gov/imo/media/for_profit_report/Contents.pdf.34 On September 9, 2013, the U.S. Department of Education began the rulemaking process to set minimum gainful-employment rules for vocational programs eligible for federal financial aid. For-profit, vocational programs willhave to adhere by these standards once set.

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education a reality for all Americans. Our economic competitiveness and the very character of our nationdepend upon it.