// President Obama has announced two new college affordability proposals that will have a major impact on the college decision process. One proposal affects college affordability and will be addressed when President Obama speaks on Tuesday, January 20, 2015 at the upcoming state of the union. The second proposal was announced last year and is a college rating system trying to identify the best value based on a few selected criteria.
The Department of Education has been put in charge of President Obama’s second proposal which is the college rating system. The President wants to build a rating system that tracks schools that enroll low-income students and provides them with good, affordable education. Schools with good ratings will be rewarded and those that have low ratings will be penalized.
Ranking a college is racked with difficulty due to the complexity of how to determine the contribution of an individual college. The recent article by Kevin Carey titled “Sizing up the College Rating System”, gives a great summary of some of the difficulties the Department of Education is facing in developing this college ranking system. This future college ranking will be very interesting for both the consumers and the colleges as both will try to understand how to use this rating system.
College Student debt has risen to approximately 1.2 trillion dollars and is a growing concern for families with the average student graduating with over $30,000 in student debt. Families need more financial literacy information and help toward keeping college cost more attainable. The President hopes this rating system will be released before the class of 2019 enrolls next year for high school.