It's part of the American dream: The hope that the sky is the limit for our sons and daughters and that our children can lead happy, successful, productive lives — and possibly do much better than mom and dad.
But that dream can be a nightmare when families consider the high cost of higher education — an average of $18,000 a year at public universities and nearly $40,000 for private colleges, according to the College Board. That leaves today's college graduates with average debt of nearly $30,000.
Those price tags can be daunting even for stable, middle-class families. But many low-income kids and families take higher education off the table altogether because they can't afford it.
It's important that all students with college aspirations have a reasonable chance to chase their dreams, both to benefit those individuals but also to produce the workforce needed in a knowledge economy.
President Obama's recent White House summit on college access for low-income students struck the right tone. The president and First Lady Michelle Obama invited nearly 200 representatives from colleges and universities and other higher-education stakeholders.
But they didn't gather simply to talk. Participants came with tangible plans to improve access. Those commitments (88 pages' worth) came in four general areas: properly matching low-income students with colleges that fit their qualifications, increasing the pool of high-achieving low-income students, boosting college advising for underserved students and strengthening remedial education.
A good number of Minnesota groups are on board working to close the college income gap. Two local leaders who were invited to the summit highlighted that work. University of Minnesota President Eric Kaler presented the U's plan to boost first-year retention rates of low-income students. The initiative focuses on financial literacy, summer programs, increased advising and peer tutoring for Pell grant recipients.
Kaler said that the U is "committed to paving the road to prosperity for young people with limited means. … This is all about changing their lives by helping to set their career paths in motion.''