President Obama is considering a plan to rate colleges according to their value and affordability and to tie those ratings to the $150 billion in financial aid that the federal government provides each year.
College rankings according to “best value for money” would garner the attention of high school students and their parents who are concerned about finances.
In theory this sounds like a fantastic idea, but is it practical? How do you measure the value of a college? Is ‘value’ a function of cost, return on investment, student satisfaction, or graduate rates? Depending on how this process is defined and what values are considered most important, the results will differ significantly.
No one yet knows how the government plans to perform its evaluation. The plan is to compile the ratings by the start of the 2015-16 school year and to link those ratings to federal aid by 2018.
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