Higher education is shaping up to be the next front in public policy battles. In his State of the Union address, President Obama reiterated his proposal to make two years of community college free. Not to be outdone, Democratic presidential contender Bernie Sanders has called for abolishing tuition entirely at public colleges and universities. Tempting as the prospect of free tuition sounds, these proposals will do little to resolve the crisis in higher education.

The federal government heavily subsidizes higher education through a complex system of grants and loans. While the programs are great for colleges — they have enabled an astronomical increase in tuition — they contain few measures holding the institutions accountable to their students.