We've seen more reform in the last year than we've seen in decades, and we haven't spent a dime yet. It's staggering how the Recovery Act is driving change.

Whether you look at these recent PISA results, which we are mediocre at best, whether you look at a 25 percent dropout rate in this country, whether you look at, in one generation, we're not doing what we need to be doing to keep America great.

At a time when going to college has never been more important, it's never been more expensive, and our nation's families haven't been in this kind of financial duress since the great depression. And so what we have is just sort of a miraculous opportunity simply by stopping the subsidy to banks when we already have the risk of loans. We can plow those savings into our students. And we can make college dramatically more affordable, tens of billions of dollars over the next decade.

If children are hungry, they need to be fed. It's hard to learn if your stomach is growling. We need to take that on. If students can't see the blackboard, need eyeglasses, we need to do that. If students need a social worker or counselor to work through the challenges they're facing at home in the community, we need to do that.

Teachers support evaluations based on multiple measures: student growth, classroom observation and feedback from peers and parents.

Far too many of our children today, our students, need remedial education. We have been lying to them. They're not really ready for college. That's not higher education's fault. That's our fault K-12.

The cost of college should never discourage anyone from going after a valuable degree.