Washington should be doing more to expand the ranks of college graduates, especially as the population ages and the effects of the financial crisis linger, says CFR Adjunct Senior Fellow Peter Orszag. Over the last fifteen years, a slowdown in the rate of educational attainment has heightened inequality and hindered growth, he says.
One challenge that policymakers should address is the undue complexity of the financial aid process, which research has shown discourages many students from applying. “More should be done to simplify the process of financial aid,” he writes, “U.S. economic growth depends on it.”