THE PRESIDENT: Hello, everyone. Good day, everyone. The United States became the best-educated and best-prepared country in the world when it made universal access to 12 years of public education in the last century.

President Biden's remarks on the plan to reduce student loan debt

Higher education has become much more expensive. In the past 40 years, the overall cost of attending a public four-year institution has nearly tripled.

Many states have reduced their support for public colleges rather than providing adequate money. That is what we were just discussing in the oval.

In the past, such Pell Grants used to cover 80% of the cost of attending a public four-year college.