The Power of Open Education Data

On Tuesday, Vice President Biden, U.S. Education Department Secretary Arne Duncan, and Consumer Financial Protection Bureau Director Richard Cordray hosted a roundtable with college presidents who pledged to provide clear, useful information to all incoming college students and their families, as part of their financial aid package, so that they can “know before they owe.”

The President has said keeping college affordable is a shared responsibility. That means the Federal government continuing to make Pell Grants available for low-income students and keeping loans available and affordable for all students who choose to borrow for college. It means states doing their fair share to fund colleges and universities instead of forcing schools to pass funding cuts onto students in the form of higher tuition. And it means postsecondary institutions innovating to find new ways to get students – including low-income students – across the finish line while keeping their costs down.

But it also means students and families voting with their feet – making choices about where to apply and where to enroll based on information about quality and affordability, such as graduation and loan default rates. That can help consumers get good value for their money, and put some competitive pressure on schools to provide a top-notch education for less...