The U.S. Needs a New (and Improved) Higher Education Act

There's little doubt that the Higher Education Act, which affects more than $120 billion in annual federal spending, needs an update. Less clear is whether Republicans' proposed reforms will do more harm than good.

The law, last revised a decade ago, sets the conditions under which federal student financial aid is disbursed. It is the government's primary tool for preserving access to higher education, holding universities accountable and ensuring that taxpayers receive a return on their investment. Since 2008, the college student population has grown by more than 1 million -- while Americans' federal student-loan debt has doubled. College students are older and more likely to attend part-time or enroll in online programs, yet federal policy remains geared toward a narrowing slice of the population.