I am pleased to announce that Portland State University and regional business leaders have joined ranks to raise millions of dollars annually for PSU scholarships and student success measures.

We have formed the College Affordability and Success Coalition, which I will co-chair along with Greg Ness, chairman, president and CEO of The Standard. Working together, Greg, I and other Coalition members will develop a plan to raise a minimum of $25 million a year dedicated to need-based scholarships and other forms of student support.

This agreement is an important breakthrough for the university and the region. A citizens group had begun gathering signatures for a metro area business tax that would have raised money for the same purpose. Because of this agreement, the committee is suspending the campaign to focus on this new initiative.

Chronic underfunding of higher education by the state has resulted in tuition increases, more student debt and a growing number of students who either can’t afford to attend PSU or drop out for financial reasons. We need a long-term solution, and today is a step toward that goal.

The Coalition is made up of prominent business leaders from the Portland region and University supporters. Please join me in supporting the Coalition and this effort to make college affordable to more local students.