Thirty years ago-- with the Cold War ending and the rise of the Internet just beginning -- the demand for a post-secondary degree increased. This was the collective result of millions of individuals making a rational decision that their understanding of the world and their economic opportunities in that world would increase if they earned a college degree.
Since that time, the global pursuit of an elite education -- often culminating with a high quality American degree -- has not slowed. But, there is a new and growing concern about the cost of that degree.
Colleges and universities are aware of tuition sticker shock and have begun the process of reducing costs and the tuition they charge. Congress could help by making a number of the changes recommended by President Obama and by making 25 percent of student loans recourse to the institution.