This report discusses the current state of higher education, with a brief high-level overview of the market and a more detailed discussion and analysis of the financial aid system. It also discusses the important changes President Obama has made to make higher education more accessible and affordable. The key findings are: (1) The economic returns…

The 20th century has been called the American Century, and one of its leitmotifs was the great leap forward for millions of Americans from poverty into the middle class. In the 1960s and 1970s, the implementation of the Higher Education Act and Pell Grants allowed large numbers of students from low-income families to enter college. In addition,…