Full Description
In this provocative volume, two experts with very different points of view address the growing concern that student loan programs are not a sustainable solution to the problem of mounting college costs. They argue that the time has come to reform the financial aid system so that it is more effective in promoting college affordability, access, and completion.
Reinventing Financial Aid provides a thorough critique of the existing financial aid system and identifies the challenges of reform. It presents a host of innovations designed to improve grant and loan programs and the processes by which students access them. Pushing past current debates, it also challenges leaders to think more boldly about policy design, examine the assumptions and incentives embedded in the current system, and lay the groundwork for a fundamental rethinking of student aid programs.
While the editors agree that bold new thinking on financial aid policy is needed, they do not aim for consensus. Instead, they have leveraged their differences to flesh out important tensions, trade-offs, and areas of common ground that emerge from innovative approaches to reform. The result is a volume that serves as a counterpoint to the incremental approach to financial aid reform that has led to record tuition levels, growing student debt, and increasing doubts about the value of a college education.
Contents
CONTENTS
Foreword vii
Martha J. Kanter
Introduction 1
Andrew P. Kelly and Sara Goldrick-Rab
1 Designing Research to Provide the "Actionable Knowledge" Needed to Improve Student Aid Program PerformanceD 13
David S. Mundel
2 The Politics of Student Aid 33
Daniel Madzelan
3 The Promise of "Promise" Programs 55
Rodney J. Andrews
4 From FAFSA to Facebook 75
The Role of Technology in Navigating the Financial Aid Process
Regina Deil-Amen and Cecilia Rios-Aguilar
5 Incentivizing Success 101
Lessons from Experimenting with Incentive-Based Grants
Lashawn Richburg-Hayes
6 Reforming Repayment 127
Using Income-Related Loans to Reduce Default
Nicholas W. Hillman
7 Rethinking Institutional Aid 149
Implications for Affordability, Access, and the Effectiveness of Federal Student Aid
Lesley J. Turner
8 Managing Risk, Reaping Reward 171
The Case for a Comprehensive Income-Based Student Loan System
Stephen Crawford and Robert Sheets
9 Making College Affordable 191
The Case for an Institution-Focused Approach to Federal Student Aid
Sara Goldrick-Rab, Lauren Schudde, and Jacob Stampen
Conclusion 207
Andrew P. Kelly and Sara Goldrick-Rab
Notes 225
Acknowledgments 257
About the Editors 259
About the Contributors 261
Index 267
