After great fanfare, and much handwringing from an anxious higher education community, the Obama administration finally launched its ballyhooed College Scorecard. It disappoints, but not, perhaps, for the reasons that many think.

For years, the Obama administration has berated colleges for charging too much, failing too many students, and granting degrees that don’t lead to high-paying jobs. The administration, at one point, was planning to launch a rating system that would designate schools as high-, middle-, or low-performing. This rating would then be used to determine how much federal aid schools would get, for example, in the form of Pell grants.