Bringing Transparency to College Costs
More and more, Americans understand the critical role that earning a college degree plays in their lives, with prospects for higher earnings and further advancements that extend throughout their careers. However, one of the greatest challenges Americans face is the rising cost of higher education.
To help students make informed decisions about their choice for higher education, today the Department of Education launched an online College Affordability and Transparency Center on the Department of Education’s College Navigator website. As part of this Center, the Department posted lists that highlight institutions with the highest tuition prices, highest net prices, and institutions whose prices are rising at the fastest rates. Institutions whose prices are rising the fastest will report why costs have gone up and how the institution will address rising prices. The Department will summarize these reports and make them publicly available to parents and students.
The President has been committed to making higher education more affordable, and today’s announcement complements our ongoing efforts. Since taking office, we have worked to expand student aid, improve options to repay student loans, and give more students access to higher education. We have also enhanced consumer information on the FAFSA and on the College Navigator portal, a resource that can provide information on thousands of institutions of higher education across the nation. These existing tools will complement the informative resources newly available today.
But colleges also have a role to play as we work to ease the financial burden of higher education. In his State of the Union address last year, the President called on colleges to do a better job of keeping costs down. Additionally, state budget constraints present increasing challenges for affordability. Too often the answer has been to cut aid to public colleges and increase tuition, pushing the financial burden on families already struggling to make ends meet.
Ultimately, better information alone will not cure the problem of college affordability. However, it will enhance the choices and decisions made by families as they pursue higher education. The new College Transparency and Affordability Center is just a first step in helping students better understand their path in postsecondary education; the Administration will continue to promote transparency in educational costs that will help all current and prospective students of higher education make a smart investment in their postsecondary studies.
Melody Barnes is Director of the Domestic Policy Council.