U.S. Senator Susan Collins today sent a letter to Senate leadership requesting an increase in the maximum Pell Grant award. Senator Collins co-authored the letter with Senator Ted Kennedy (D-MA).
“College costs have sky-rocketed, while Pell Grants have failed to keep up with the increase,” noted Senator Collins. “In 1975, the maximum Pell Grant represented approximately 80% of the costs of a four-year public institution. However, in 2006, the maximum award would only cover about 33%. This recommended increase in Pell Grants will help make post-secondary education more affordable.”
A full text of the letter follows:
Dear Chairman Harkin and Senator Specter:
We are writing to express our strong support for a significant increase in the maximum Pell Grant award in the fiscal year 2009 Labor, HHS, and Education Appropriations bill. Strengthening the Pell Grant program has strong bipartisan support, as demonstrated by expansion of the program in both the enactment of the College Cost Reduction and Access Act of 2007 and the passage of the Higher Education Act reauthorization by both Houses of Congress. Continuing to build on this commitment with a significant increase in discretionary funding for fiscal year 2009 is essential to preserving the Pell Grant as the cornerstone of federal student aid.
The cost of college has more than tripled in the last 20 years. The average cost of attending a 4-year public college is now over $13,500. Unfortunately, the purchasing power of the Pell Grant has not kept pace. In 1985, the maximum Pell Grant covered 55% of the cost of attending college, but today, it covers only a third of those costs.
As a result, students are increasingly forced to borrow large amounts to finance their college education. The growing reliance on loans is a particularly strong deterrent for students from low-income families. As a result, each year, 400,000 talented, college-ready students decide not to attend a four-year college because of the financial barrier. For these students and millions of other students from low-income and middle-class families, an increase in the maximum Pell Grant can make all the difference in deciding to pursue their dreams.
Thank you for your past support of this important program, and for your consideration of our request.
Sincerely,