Steep increases in tuition, lackluster graduation rates, and the struggles of student loan borrowers have put higher education reform at the top of the US education policy agenda. While federal policy debates have traditionally focused on how much should be spent on grants and loans, a growing number of Republicans and Democrats have called for more far-reaching changes to align the incentives of institutions and students, empower consumers, and create space for innovation. The upcoming reauthorization of the Higher Education Act presents an opportunity to rethink the federal approach to college opportunity, but important policy questions remain.
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