----------
My name is Samantha O’Leary and I am a member of the Massachusetts Student Public Interest Research Group and a sophomore at the University of Massachusetts at Lowell. Since my mother lost her job last year, we’ve been living paycheck to paycheck. I’ve had to take on more loan debt to pay for college, too. In addition, I have a work study position at 40 hours a week at the college gym. And most importantly, I receive the maximum in Pell grant aid.
I hope to make a difference with my career when I graduate. But the prospect of teaching or working in a non-profit while paying back loans is daunting. Students like me are relying too much on loans to pay for college. We don’t have enough grant aid which doesn’t need to be repaid. The weak job market is only making the problem worse. Borrowers who can’t get jobs after they graduate are defaulting on their loans more and more. This is not how our education system should work.
That’s why this historic investment in Pell grant aid is a big piece of the solution. Millions of college students will see their Pell grants stabilize and increase because of this reform. In addition, banks have profited from their involvement in student lending for years, but as a result of this reform, subsidies that were going to banks will support students instead. And that’s how it should work.
I thank the Senate for its willingness to tackle this problem. I thank Chairman Harkin for his leadership. Let’s keep college within reach for all students across the country.
