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An America Built to Last

An America Built to Last. Martha Kanter, Under Secretary Montana State University July 16, 2012.

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An America Built to Last

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  1. An America Built to Last Martha Kanter, Under Secretary Montana State University July 16, 2012

  2. “By 2020, America will once again have the highest proportion of college graduates in the world... So tonight I ask every American to commit to at least one year or more of higher education or career training... every American will need to get more than a high school diploma.” President Barack Obama Address to Joint Session of Congress February 24, 2009 “America cannot lead in the 21st Century unless we have the best educated, most competitive workforce in the world.” President Barack Obama Remarks on Higher Education April 24, 2009 “Higher education can’t be a luxury -- it is an economic imperative that every family in America should be able to afford.” President Barack Obama State of the Union Address January 24, 2012

  3. President Obama’s 2020 Goal

  4. Higher Education Is an Imperative The College Board Education Pays 2010

  5. Higher Education Is an Imperative Georgetown University Center on Education and the Workforce Help Wanted (2010), p. 14

  6. Declining State Support forHigher Education Illinois State University Center for the Study of Education Policy Grapevine Fiscal Year 2011-12 Data – Updated March 15, 2012

  7. The US has Fallen Behind Globally Percentage of Adults Age 25-34 with Postsecondary Education (Associate Degree or Higher in US per 2008 Population Survey, US Census Bureau) OECD Education at a Glance 2011 Table A1.3a Population with tertiary education (2009)

  8. Affordability and Quality in Postsecondary Education The Administration has outlined a blueprint to address college access, affordability, quality and completion: • Make landmark federal investments in higher education • Galvanize the shared responsibility of States, institutions and the federal government • Provide students and families with the tools they need to plan for and afford college

  9. Federal Investments in Higher Ed • Increasing Pell Grants • President Obama has raised the maximum Pell Grant award to $5,635 for the 2013-14 award year • Total Pell Grant recipients have increased by 50% since 2008 – from 6 million students in 2008 to more than 9 million today • Direct Savings to Help Students • Conversion to Direct Loans saved $68 billion dollars over 11 years, of which $40 billion has gone directly to students • Help Students Manage Debt • Income-Based Repayment will allow students to cap repayment of loans at 10% of monthly income • Public Service Loan Forgiveness supports students pursuing public service careers • The President has called on Congress to freeze student interest rates at 3.4%

  10. Federal Investments in Higher Ed • Easing Access to Federal Aid • Simplification of the Free Application for Federal Student Aid (FAFSA) has helped fuel a 30% increase in applications since 2009 • More than 21 million students will submit a FAFSA this year • Expand Education Tax Credits • The American Opportunity Tax Credit (AOTC) provides 9.4 million students and families with up to $10,000 for four years of college • The Administration is working with Congress to make this credit permanent • Double Work-Study Jobs • President Obama has proposed doubling the number of federally funded work-study opportunities over the next five years, so that more students are able to gain valuable work-related experience while still in school

  11. Shared Responsibility • Race to the Top – College Affordability and Completion • A $1 billion competition that will drive systemic State reforms that lead to increased affordability, quality and productivity at colleges of all levels • Campus-Based Aid Reform • The expansion and revision of the campus-based aid program to provide $10 billion in aid for use at colleges that most effectively serve students, contain costs, and demonstrate positive educational and employment outcomes • First in the World Innovation Fund • A $55 million investment in individual colleges and nonprofit organizations designed to develop, validate or scale up innovative and effective strategies for boosting productivity and enhancing quality on campus

  12. Students and Families • College Scorecard • An online tool that will make it easier for students and families to compare colleges by comparing information such as graduation rates, net price, and earnings data • Financial Aid Shopping Sheet • A uniform financial aid letter that makes it easier for students and families to compare aid packages offered by different schools Comment at: www.whitehouse.gov

  13. A vibrant and prosperous America – An America Built to Last - depends on its educational system – in fact, the future of our democracy depends on the positive contributions of critical thinkers and engaged citizens.

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