News reports of jaw-dropping scandals involving corruption and fraud in the admissions process of several elite schools are coming at a bad time for the higher education community. Academia was already playing defense in Washington against perceptions of favoritism in admissions practices and intolerance for diverse political views.
An experimental new financing modelHowever, they need to acknowledge the status quo isn’t working. Instead of digging in and opposing such efforts, higher education should work collaboratively with Congress to fix our broken system of higher education finance.
Story continuesIn a recent paper commissioned by the Manhattan Institute, we looked at the small but growing number of colleges and universities offering ISA programs. Indiana’s Purdue University launched the first such program in 2016. About a dozen other institutions have now followed suit, including Lackawanna College in Pennsylvania, Clarkson University in New York, and the University of Utah.
Another impediment to ISAs has been the lack of a clear legal framework. While ISAs are legally permissible under current law, private investors and philanthropies are hesitant to invest in an innovation which has no explicit rules governing student protections, regulatory oversight, and enforceability.
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