“Right now, three-quarters of the fastest-growing occupations require more than a high school diploma,” President Obama said in a February 2009 address to a joint session of Congress.“And yet, just over half of our citizens have that level of education, and half of the students who begin college never finish.” With those remarks, the president put the issue of college completion front and center on the national stage.Calling the situation a “prescri

America spends nearly $700 billion a year on higher education, including paying instructors, funding research, keeping the facilities running and much more. At public universities, the biggest chunk of this comes from taxpayers, who deserve accountability for their money. So do students and their families, who fork over tuition and fees, and a fast-growing additional amount for room and board. At private, nonprofit institutions, the proportions are reversed, with more money coming from students than from taxpayers.

A community college has a bit of a split personality. One side of the college is full of students trying to take classes at a less expensive rate before transferring to a four-year school to finish up a bachelor’s degree. The other side is full of students working on the latest manufacturing robots, learning to cook or brushing up on their welding skills in a short time frame.

Financial aid describes the money that the federal government, state or municipal programs, colleges, private foundations and individual companies give to students in the form of grants, scholarships, below-market loans or tax breaks. Without aid, higher education — and indeed the American dream — would be out of reach for many low- and middle-income families. 

At a 1979 meeting of The University of Texas Arts and Sciences Foundation in San Antonio, Peter Flawn, then-president of UT-Austin, railed against what he dubbed the “widget theory” of education. The notion, he said, is “that a college or university is a manufacturing enterprise that produces products called academic degrees in basically the same way as a company such as Universal Widgets Inc. produces widgets.” He went on to forecast “that the struggle for excellence in higher education over the next decades will be a struggle against the widget theory in higher education and against those who knowingly or unknowingly espouse it.”

When its governing board abruptly dismissed the president of the University of Virginia in 2012, the flagship state university quickly became the focus of national attention. The decision—prompted by board complaints that the president had not moved fast enough to address the university’s challenges—embroiled the board, faculty, and president in two weeks of public confrontations. It also prompted a board member’s resignation before ultimately culminating in the president’s reinstatement.