Viewpoint: Student debt shows need for 'transparency,' 'accountability' in cost of higher ed
Unless you were living under a rock recently, you know President Joe Biden announced that the federal government would forgive $10,000 worth of student loans, $20,000 if Pell Grants. Regardless of how one feels about this controversial move, it certainly shines a bright spotlight on the high cost of college education.
I believe we all agree that a college education is a financial bridge too far for many Americans today.
The good news is a legislative proposal moving in Congress that seeks to bring transparency and accountability to higher education. The aptly named College Transparency Act (CTA) would require colleges and universities to report student-based outcomes to the public. Reportable information includes integral data like graduate completion rates, student earnings post-graduation and other metrics of higher ed success.Whether a student chooses to attend a trade school or one of Indiana’s 61 bachelor’s degree-granting institutions, if they work hard and play by the rules, they should be able to graduate with more opportunities than when they started. Unfortunately, many students graduate with mountains of debt, earning barely enough to pay down their student loans. Much of this problem can be attributed to the fact that higher ed institutions have been able to operate largely in the dark. The lack of transparency has allowed some predatory schools to take advantage of prospective students by failing to provide information about their student outcomes.
Additionally, the limited information available from the U.S. Department of Education is cause for concern. Even for specialized degrees like physical therapy (PT), the costs students pay for their education versus what they earn in their profession is often not enough to pay their loans. When prospective students choose to enroll in a highly specialized program like PT, the lack of trustworthy data surrounding graduation rates, earnings and debt repayment undercut their ability to make informed decisions about which academic program makes the most financial sense.
Frankly, federal reforms are long overdue. More oversight is needed if we want to make higher ed more transparent and accountable for student outcomes. Modernizing our education policies to make more information public will make these institutions more accountable. More transparency benefits good schools, helps underperforming schools identify areas for improvement and gives families more power as consumers.
More:Indiana's higher education commissioner on what people get wrong about college
I served 30 years in the Indiana Senate as an advocate for using a reasonable approach to any expansion of government. Federal legislation like the bipartisan College Transparency Act (CTA) creates little red tape while including common sense reforms to make programs receiving taxpayer dollars more accountable. The CTA’s proposed public annual reporting requirements are good for academic competition, students and families alike.
After years of work, the CTA finally has a chance to become law as it moves through Congress as part of a larger bill package. I hope levelheaded leaders in Washington like Sen. Todd Young and Sen. Mike Braun will work across the aisle to strengthen our postsecondary schools and pass the College Transparency Act.
Jim Merritt is a former state senator.
This article originally appeared on South Bend Tribune: College Transparency Act will help Indiana college students avoid debt
