The 2015 graduating class of Texas Southmost College attending a commencement ceremony in Brownsville on May 16. Photo: Associated Press
The Obama administration released its much-anticipated college scorecardSaturday morning, offering new insights into the value of a university degree—and the risks associated with getting one.
The new system will present the average earnings of graduates at individual schools using Internal Revenue Service data. The scorecard spells out how students fare 10 years after graduation as well as how they compare with people who entered the workforce with just a high-school diploma.
Americans will “be able to see how much each school’s graduates earn, how much debt they graduate with, and what percentage of a school’s students can pay back their loans,” President Barack Obama said in his weekly radio address, according to prepared remarks provided by the White House. The scorecard “will help all of us see which schools do the best job of preparing Americans for success.”
The president announced a ratings system two years ago with the goal of exposing poor performing schools and curbing college costs. His approach sparked an immediate backlash from college presidents who claimed the paucity of reliable earnings data and the diversity of missions among postsecondary institutions would necessarily make a one-size-fits-all rating system both specious and misleading.
Mr. Obama bowed to that pressure by dropping his plan to compare schools against one another and abandoning plans to tie public funding to the results of the system. He also walked back expectations by changing the “ratings system” to a “scorecard,” saying the comparisons should be left to others.
Still, the watered-down scorecard didn’t please the higher-education establishment, which has a long track record of blocking federal accountability measures.