Issue Position: Higher Education Reform

Issue Position

The value of a traditional college degree has been declining due to the rising costs of higher education, increasing student loan debt, and declining job opportunities. Indeed, a startling 40% of recent college graduates have ended up in jobs that do not even require a degree. Why take on significant debt only to obtain a job you could have had out of high school? Of course, millions of students incur debt and yet fail to graduate with a bachelor's degree.
At the same time, given the nature of our economy, the acquisition of advanced knowledge and skills is more important than ever. Those who accumulate knowledge and skills will see enhanced job opportunities, higher earning potential, and better prospects for upward mobility. Those who do not will likely face the prospect of stagnant wages and diminished opportunities.
Allowing students to reach their full potential requires us to recognize the reality that obtaining a college degree is not the only way to obtain knowledge and skills. Indeed, it is not the way that most Americans -- from the millions who do not graduate from college to the millions more who do not attend college at all -- obtain knowledge and skills. From online learning courses to vocational schools and apprenticeships in skilled trades, there exists the potential for a dynamic alternative market for knowledge.
Senator Mike Lee and I believe that allowing States to experiment with their own accreditation systems will help to unleash these potentially powerful alternatives. States could choose to accredit more than traditional degree-conferring colleges; they could also accredit apprenticeships, specialty schools, professional certifications, and even individual courses. This way, students would be able to use Title IV loans and grants to gain access to the skills they need at lower prices and on a better timeline.
As Senator Lee pointed out, our HERO Act "would not only make the cost of higher education more affordable, but also make it easier for students to customize their own education and gain the specific skills they need to compete in today's economy. The HERO Act will open the floodgates of innovation, providing greater choice, access, and opportunity for America's students."

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