My father had a favorite saying: “Nothing is as vulnerable as
entrenched success.” When I think about the future of American higher
education and its importance to our nation’s long-term success, his
cautionary advice comes to mind.
(MORE: 8 Ideas to Improve Higher Education)
We are rightly proud of our extraordinary universities and other
institutions of higher learning. Many of the most important scientific
breakthroughs occur in their labs, and young people from around the
world flock to their campuses to study. For decades, we have known that
these institutions were promoting inquiry, inspiring creativity and
ultimately preparing our citizens for success.
But today our higher-education system faces serious challenges.
During the last election, President Obama genuinely inspired young
Americans with a promise of hope and change. On college campuses across
our country, he promised an excited generation that he would help them.
Four years later, those promises have turned to disappointments.
Tuition has increased by 25% — even faster than health care
costs. The President added tens of billions of dollars in federal
funding, and yet more than three-quarters of families now say they feel
higher education is unaffordable. Total student debt
has reached $1 trillion, and the average student who borrows now
graduates with $25,000 in debt. Perhaps worst of all, these students are
graduating into an economy in which only half can even find jobs that match their degrees.
(MORE: How To Fix Pell Grants)
The future isn’t a hopeful place for these students. The American
people face an important choice: Will we continue with President Obama’s
approach of more deficit spending, offering only debt forgiveness as an
answer because earnings are low and possibilities are limited? Or will
we pursue genuine reforms that strengthen the system and ensure our
youth can afford an education that gives them an opportunity to succeed?
I am running for President because I refuse to accept that bigger
government programs, more debt and fewer opportunities is the best we
can do. As President, I will provide the leadership we need to meet this
crisis head-on. I spent most of my career in the private sector, where
the only way to prevent entrenched success from giving way to decline is
to adapt, to compete, to innovate. We must pursue policies that inject
this same spirit into higher education.
Some of our institutions have begun these efforts, but we must
redouble them. We also need to expand the options available to students.
Other models of advanced skills training are becoming ever more
important to success in the American economy, and new educational
institutions will be required to fill those roles.
Innovation is only part of the solution. We must also address costs.
While the federal government has an important role to play in providing
access through financial aid, the uncontrolled flood of federal dollars
into the system is not the answer. To the contrary, endless government
support only fuels skyrocketing tuition. And at a time when America is
facing record deficits and debt, more spending is simply not an option.
(MORE: College Endowments: Why Even Harvard Isn’t As Rich As You Think)
We can provide opportunity without bankrupting this country, but
America needs a new approach. While the President has decided to
nationalize the student-lending process, I believe that private-sector
competition is more important than ever. Students and their families
must be given the information they need to intelligently weigh the costs
and benefits of the many options available to them.
Better information about products and services helps consumers make
more-informed choices, and nowhere is this as important as when students
consider a postsecondary education. We can offer families more
information while streamlining the system to make it simpler and easier
to understand.
Finally, it is crucial that we focus not only on access to higher
education but also on successful completion. Far too many students drop
out before finishing their degree, ending up disenchanted and in debt.
We need to make sure that students have the support and preparation they
need to thrive in a postsecondary environment. As President, I will
work with Congress to achieve fundamental education reform that gives
every student the opportunity to succeed.
Our economy is demanding more advanced skills and more varied skills
every day. Our higher-education system must be responsive to these
demands if it is to offer students an attractive return on their
investment, prepare them for successful careers and help America compete
in the global marketplace.
MORE: President Obama’s View on Higher Education Reform
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