December 23rd, 2017

The Year in Review

INCOME SHARE AGREEMENTS Purdue, BFF, the national conversation “Long discussed in college policy and financing circles, income share agreements, or ISAs, are poised to become more mainstream.” That's from a September Wall Street Journal article . …
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December 9th, 2017

Un Coup de dés

THE FUTURE OF UNDERGRADUATE EDUCATION

A new report argues that quality, not access, is the pivotal challenge for colleges and universities

From the American Academy of Arts and Sciences, a 112-page report with "practical and actionable recommendations to improve the undergraduate experience":

"Progress toward universal education has expanded most recently to colleges and universities. Today, almost 90 percent of high school graduates can expect to enroll in an undergraduate institution at some point during young adulthood and they are joined by millions of adults seeking to improve their lives. What was once a challenge of quantity in American undergraduate education, of enrolling as many students as possible, is now a challenge of quality—of making sure that all students receive the rigorous education they need to succeed, that they are able to complete the studies they begin, and that they can do this affordably, without mortgaging the very future they seek to improve."

Link to the full report. Co-authors include Gail Mellow, Sherry Lansing, Mitch Daniels, and Shirley Tilghman. ht Will, who highlights a few of the report's recommendations that stand out:

  • From page 40: "Both public and private colleges and universities as well as state policy-makers [should] work collaboratively to align learning programs and expectations across institutions and sectors, including implementing a transferable general education core, defined transfer pathway maps within popular disciplines, and transfer-focused advising systems that help students anticipate what it will take for them to transfer without losing momentum in their chosen field."
  • From page 65: "Many students, whether coming straight out of high school or adults returning later to college, face multiple social and personal challenges that can range from homelessness and food insecurity to childcare, psychological challenges, and even imprisonment. The best solutions can often emerge from building cooperation between a college and relevant social support agencies.
  • From page 72: "Experiment with and carefully assess alternatives for students to manage the financing of their college education. For example, income-share agreements allow college students to borrow from colleges or investors, which then receive a percentage of the student’s after-graduation income."
  • On a related note, see this 2016 paper from the Miller Center at the University of Virginia: "Although interest in the ISA as a concept has ebbed and flowed since Milton Friedman first proposed it in the 1950s, today it is experiencing a renaissance of sorts as new private sector partners and institutions look to make the ISA a feasible option for students. ISAs offer a novel way to inject private capital into higher education systems while striking a balance between consumer preferences and state needs for economic skill sets. The different ways ISAs can be structured make them highly suitable as potential solutions for many states’ education system financing problems." Link.
  • Meanwhile, Congress is working on the reauthorization of the Higher Education Act: "Much of the proposal that House Republicans released last week is controversial and likely won’t make it into the final law, but the plan provides an indication of Congressional Republicans’ priorities for the nation’s higher education system. Those priorities include limiting the federal government’s role in regulating colleges, capping graduate student borrowing, making it easier for schools to limit undergraduate borrowing — and overhauling the student loan repayment system. Many of those moves have the potential to create a larger role for private industry." Link.
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