Education advocates say a college education is important because the gap in income is widening between those with a college degree and those without one. Over a lifetime, a college graduate can now expect to earn 75% more than a person without a degree. The availability of federal aid determines whether many students can attend schools of higher education. Between 2008 and 2018, the average tuition at four-year public colleges increased by 37%. The average in-state undergraduate costs for tuition and fees at most public universities is about $11,000, while costs at private colleges average about $37,000 – not counting room and board. Low-income students continue to fall behind in their ability to access a college education. About 72% of all college undergrads now need some form of financial aid. The Department of Education distributes Pell Grants - which do not require repayment, and manages the Stafford loan program. In 2020, the maximum Pell Grant award was $6,345 and the typical Stafford Loan is about $10,000. There are nearly 45 million Americans trying to pay off student loans, and total student loan debt is now $1.64 trillion. Servicing this debt is difficult for grads with lower-paying public service careers, those who are ill or unemployed, or those who failed to complete their degree. The typical amount of a student’s debt is now about $37,000 and their average monthly payment is about $400. Advocates say many young Americans are unable to buy a car, a home, or start a family due to student loan costs.

President Biden has recently announced a one-time federal student loan debt relief program to forgive between $10,000 and $20,000 of student loan debt for borrowers making less than $125,000 a year. Critics claim it will increase inflation, doesn’t help low-income people who never attended college, is unfair to people who already paid off their student debt, doesn't address the high cost of college and could be struck down by courts.

Proposed Legislation: Reintroduction of H.R.4797 - Student Loan Relief Act (117th Congress 2021-2022)
Prospective Sponsor: Rep. Troy Carter (LA)