WASHINGTON (February 14, 2013) — College tuition is skyrocketing, forcing far too many students to take on frightening debt loads. To make matters worse, our financial-aid system is difficult to navigate and burdensome for those who rely on it most. It doesn’t have to be this way.
“Doing Away With Debt: Using Existing Resources to Ensure College Affordability for Low and Middle-Income Families,” a new Education Trust report, proposes a redesign of the federal financial-aid system to increase college completion, reduce student debt, and close the opportunity and attainment gaps that consign so many talented young Americans to lives on the margins of our society. The organization calls for a shared responsibility among the federal government, state governments, institutions of higher education, and students themselves to help low-income and working-class students complete college with no loans and middle-income students to do the same with no-interest loans and affordable, income-based repayments.