By James MacLaren
There is a quote that is often attributed to the Roman philosopher Seneca which states that “luck is when preparation meets opportunity.” The thought behind the quote is that we, in many cases, make our own luck. We work hard to prepare ourselves to take advantage of a moment or a break.
Every year, hundreds of thousands of college students are waiting for their break: both being accepted into a college or university and being able to afford to attend. Our society and economy needs more college graduates. The more we invest in higher education, the more we’ll invest in driving American ingenuity, and in addressing income inequality.
Low-income students and their families can, unfortunately, easily be left out when talking about a college education. Most students do need some financial assistance to be able to complete college. In fact, this month the National Center for Education Statistics released a report detailing just how many undergraduate students relied on some kind of federal financial aid to attend college five years ago. In short, during the 2017-18 academic year, roughly 7 in every 10 students received some kind of financial aid.
In the state of Pennsylvania, we had the highest rate of federal Direct Loan borrowing - nearly 6 in 10 students. Instead of our students incurring more student loans, I’d like to lower those numbers, which is why I am joining the chorus of presidents who have called on elected officials to double the size of the Pell Grant.
Pell Grants were established in the early 1970s and provide a starting point for families who qualify for financial aid. To date these grants have helped millions of students obtain an education that would otherwise have been out of reach. The value of the Pell Grant, however, has not aged well with time. It’s been more than a decade since meaningful investment has been made.
In the mid 1970s, a maximum Pell Grant would cover roughly 50 percent of the cost of attendance. Today, the National College Attainment Network estimates that perhaps it helps cover 30 cents on the dollar. In real numbers, the maximum Pell Grant for the 21-22 academic year is just shy of $6500. Doubling this grant to $13,000 would reduce more student debt, serve the students who most need the funds, and allow students to choose the type of institution that meets their needs best.
The Gender Equity Policy Institute published a report this fall that said doubling Pell grants would result in “substantial reductions in future student loan debt.” Students who received the grant and attended community colleges would graduate debt free and student debt would fall between 55 percent and 70 percent for those attending four-year institutions. The doubling of Pell means that fewer students here in Pennsylvania will have to rely less on federal direct loan borrowing to finance a college education.
A significant investment in Pell Grants is an investment in America’s future and one that every politician can and should be able to get behind. As we look at bills that spend on building the nation’s infrastructure, we also must be cognizant about helping to cultivate an environment that helps opportunity grow. More college graduates means the creation of additional ”good jobs” and the intellectual capital to power the economy that is increasingly becoming more sophisticated.
Doubling Pell provides the necessary funds to invest in America’s future while using a federal system that gets funds to the most needy students. It’s time to reinvest in our country.
James M. MacLaren, Ph.D., is president of Lebanon Valley College in Annville, PA.