This is incorrect. In 1965, $558 million was available for financial aid. In 2005 more than $129 billion was available. As college costs have risen, so has the amount of money available to finance a college education. However, the proportion of gift aid and self-help funding has shifted: loans and work make up a larger percentage of aid packages. During the early 1980s, higher education funding shifted from reliance on state and federal government funding to more family contributions and student loans. Pell Grants, which were created to offset the cost of college for low-income students, started funding more middle-class students, stretching the funds thinner for everyone. During the mid-1990s 34% of the cost for college was covered by the maximum offered Pell Grant, compared to 84% during the 1970s. During Clinton's presidency, funding for higher education focused on creating tax benefits tied to attending college. These policies put less emphasis on developing grants to allow students to attend college. Some argued that this approach did not adequately provide aid to those students most in need. There was also a fear that tax deductions or credits would drive up tuition costs. The federal government also began funding fewer grant programs and more loan programs, leaving students with higher amounts of debt. In 2003, almost 70% of federal student aid awarded was student loans, which was a much higher percentage than just a decade prior. the National Center for Education Statistics reported that during the 2007–08 school year, 66% of degree recipients borrowed money to complete their degree; 36% of these graduates had to borrow from state or private sources, averaging total loan amounts of $13,900; 95% of these loans were private. On average, a student borrowed $24,700 during the 2007–08 school year. One estimate of total debt of all ex-students in 2011 was $1 trillion. The economic troubles of the recent decade left higher education funding shifted toward other needs because higher education institutions can gain extra funds through raising tuition and private donations. Policy changes in higher education funding raise questions about the impact on student performance and access to higher education. Early studies focused on social integration and a person's individual attributes as the factors for degree completion. More recent studies have begun to look at larger factors including state funding and financial support. It has been found that providing need-based aid proved to increase degree completion in