Getting a Better Return on Education
The right incentives can encourage colleges to help low-income students succeed.
President Joe Biden recently canceled some student loans and proposed free community college. In doing so, he unwittingly acknowledged an inconvenient truth about public higher education in America: many institutions promise upward mobility but leave students saddled with high debt and low earnings.
The problem is real. Almost one out of every ten students who attend a public college or university default on student loans within two years of graduation. Until the federal government addresses the underlying problems, it’s up to states to get higher education back on track.