I love the federalism take on this, and pushing it back to the states. In that regard, I’d eliminate loaning money for education. That in turn would eliminate even more of the overhead and bureaucracy because those would not be affordable. By eliminating the overhead costs would drop. Hell, I suggest this time of thing for local school districts, cut the overhead, cut the bureaucracy. Shift that money to the teachers as salary and money they can use as they see fit in their classrooms to promote learning. Private institutions could do whatever they wanted, as long as they don’t take public moneys. If they take public moneys then get the the same reqs about cutting bureaucracies and overhead.
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My experience (20 years ago) was that the financials of college were what drove a large part of my choice. I hustled and went to the place where I had the best financial package - a full out-of-state tuition scholarship to the U. I hustled for a couple of other scholarships ($1k from my local credit union, $1k undergrad research, little engineering schollie) - I applied for a dozen or more. I got little $100 here and there as well. When I went to grad school, I was in a STEM degree, so my tuition was paid and I got a stipend to do research. All in all, I probably got $200k in benefits. Once, I calculated the time I spent in HS, studying, and participating in activities and it came out to $25/hr job - so my ‘job’ in HS paid off.
My point is this - some pick a college and will do/pay anything for that. Consider other options that fit financial aid, what can be afforded, etc. My youngest sister got all sorts of student debt to fund a lifestyle - now, she had a degree that made her a lot and she paid it off, but why not only limit borrowing to in-state tuition levels and that’s it (PT/summer job for living expenses)?
I realize others experiences are different, that I realize I had some privilege built in, and that the ‘game’ has changed. I’m tracking tuition and other costs as I plan for my kids and the acceleration is stunning, maybe 2nd only to healthcare.
My hope would be similar to @sancho - make education available and affordable to all. Perhaps even make community colleges free (get an associates degree or trade training then you could choose to go on for a bachelors degree).
Universities have become too much about research dollars and endowments - leave that to the private institutions and moderate at the state ones. More and more companies have abandoned their own research and outsourced it to universities, making the money enticing but it has increased the arms game. You may get world experts for professors, but they might teach 2-3 classes a year. Why should student’s be funding research labs (facilities)? Things are misaligned (teaching vs. research) for the bachelor education experience.
The taxes (state) invested in quality education helps the (state) economy and with additional financial aid for those that need it, helps raise people (in the state) to new qualities of life.
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My grandaughter did this, although to an out of state school. She is extremely bright and motivated, and had so much scholarship money that she had to report a good portion of it each year as income on her taxes (any money that doesn’t go directly to education expenses).
Here’s how we pay for this.
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Any public university has their undergrad tuition capped at $250 a credit
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Any college with an endowment over 1 billion automatically is taxed 50% of it’s endowment.
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Loans are capped at 3% interest.
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You have my vote!
Stanford President resigns. This on the heels of Stanford’s Provost stepping down in Fall. Stanford may be rudderless for a bit.