Two years ago, President Obama announced a plan to create government ratings for colleges—in his words, “on who’s offering the best value so students and taxpayers get a bigger bang for their buck.”

The Department of Education was charged with developing such ratings, but they were quickly mired in controversy. What outcomes should be measured? Initial reports suggested that completion rates and graduates’ earnings would be key. But critics pointed to a variety of problems—ranging from the different missions of different types of colleges, to the difficulties of measuring incomes along a variety of career paths (how do you count the person pursuing a PhD five years after graduation?), to the reductionism of valuing college only by graduates’ incomes.

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