There is also a powerful connection between our nation s ability to provide higher education and its ability to maintain healthy economic growth. We regularly hear from employers about America s shortage of skilled workers necessary to help them compete globally. The schools tell us that they are providing an expensive and highly valuable product - an education that will mean thousands of dollars more in future earning power for graduates. But many parents are concerned that schools may not be using their tuition dollars as efficiently as they should be - that perhaps they are paying more for a college education than is really necessary. So, we will look at the subsidies for higher education, and we will ask whether aid to students and schools is adequate.
Many private schools can use their endowments to offset costs and lower tuition.
In addition there are scores of federal, state and private grant and loan programs that assist students in paying their tuition. As we will see, most of our witnesses oppose this practice, but students should be aware this is an option for them. We will want to zero in on the impact of loan debt on students. Families already stressed-out over exorbitant tuition fees should be aware of the illegal schemers who lay in wait for them. I hope we can learn from these hearings whether the nation is on track in providing access to higher education, and whether government is doing everything it can to ensure college affordability.