WASHINGTON, DC - A new report by the U.S. Department of Educations Advisory Committee on Student Financial Assistance says an increasing number of students are being priced out of a college education. The report focuses on how financial barriers created by rising tuitions and insufficient need-based grant aid lower bachelors degree attainment and undercut Americas competitiveness in the global economy. It also recommends that the federal government take steps to reverse this trend by creating the Grants for Assistance and Persistence (GAP) program, a national public-private partnership to increase need-based aid for qualified high school graduates. The report specifically identifies Senator Jack Reeds (D-RI) bill, the Accessing College through Comprehensive Early outreach and State partnershipS (ACCESS) Act, as the first to act on the Advisory Committees advice and incorporate the GAP program into Congressional legislation. Too many qualified students dont go to college because they cant afford it. Theyre denied that opportunity and our nation is denied their talents and contributions. We can and should do something about it, said Senator Reed, a member of the Health, Education, Labor and Pensions (HELP) Committee. The non-partisan Advisory Committee report says that during the 1990s, between 1 million and 1.6 million bachelor's degrees were lost among college-qualified high school graduates from low- and middle-income families. During the current decade, between 1.4 million and 2.4 million more bachelor's degrees will likely be lost, as the number of high school graduates increases and academic preparation improves. Millions of students who have the talent and the drive but not the means are unable to pay for college. Our young people shouldn't have to mortgage their future to pay for their education, said Reed. This crisis calls out for action. An educated citizenry and a world class workforce should be a national imperative. Our nation cannot afford to lose out on the countless returns from a robust education investment. To tackle this problem, Senator Reed introduced the ACCESS Act in May 2005. Reeds bipartisan initiative, which is co-sponsored by Senators Susan Collins (R-ME) and Ted Kennedy (D-MA) would revitalize the Leveraging Educational Assistance Partnership (LEAP) program by incorporating the GAP program, which would increase federal matching funds (up to two to one) to spur states to establish vibrant public-private partnerships. These partnerships would in turn provide low-income students with supplemental need-based grant aid, an early assurance of the availability of such aid, and early intervention and mentoring services. In 2008 we will see the largest number of students in our history graduating from high school. We have to be ready for them, not just in terms of college prep curriculum, but ready to provide the financial aid they will need to go off to college. Over the last several years the Bush Administration has shortchanged Pell grants and other programs to help low- and middle-income students afford college. Weve got to do better. Our future depends on it, concluded Reed. The Higher Education Act reauthorization bill (S. 1614), which passed the Senate Education Committee in November 2005 contains several of Senator Reeds provisions that are consistent with the ACCESS Act, including creation of the GAP program. However, the Republican leadership has not brought the bill to the floor to give it a vote before the full Senate.