Conversations in Washington about higher education have long been dominated by concerns over rising costs for students. And for good reason. Since 1980, average college costs have risen almost 170 percent, while earnings for young people ages 22 to 27 have increased less than 20 percent. Not surprisingly, student debt has ballooned, up 75 percent over the last 10 years to a collective $1.75 trillion.
Most proposed reforms have focused on subsidizing college costs. More recently, the debate has shifted to one over canceling debt for some borrowers. Those are important conversations to have; investing in higher education is an investment in the public good. But we also need to ensure that government funding for higher education goes into a system that is transparent, accountable, and equitable.