Thank you for writing. Expanding access to higher education is critical to preserving the American dream and securing our future, and I appreciate your perspective.
Now more than ever, our success as a nation depends on an educated workforce and an engaged citizenry. Once a world leader in college completion, America has slipped behind—only 40 percent of our young adults hold a college degree today. I am committed to regaining our leadership in the world with the highest proportion of college graduates by 2020.
To meet this goal, we must open the doors of higher education to more Americans and support college access. I have signed into law historic reforms to improve our Federal student aid system in the Health Care and Education Reconciliation Act of 2010. I am proud that this legislation, together with the American Recovery and Reinvestment Act, represents the largest investment in higher education since the G.I. Bill. By expanding the Pell Grant program to include more students and ending wasteful subsidies to banks, we have made student loans and grants more reliable and efficient, increasing college affordability for millions of Americans, enabling hundreds of thousands of new students to receive grant aid over the next decade, and helping future borrowers better manage their student loan repayments as they build their careers.
My Administration has also worked to provide college tax credits to millions of students and their families, while simplifying the application process for student aid. We are revitalizing our education system to help American graduates stay competitive in the 21st century. By focusing on the goal of college completion, we will be able to equip more young people and adults with the high-demand skills necessary for essential and emerging industries.