Assessing the new College Scorecard

The U.S. Department of Education’s newly released College Scorecard puts a spin on traditional rankings and data by focusing on direct outcomes and value. Metrics like return on investment (ROI) and an increased attention to student loans and financial aid help make up the vast amount of data now available to students and families. Here are three things you should know about the Scorecard:

• The College Scorecard’s main objective is to reveal that a purposeful college education is ultimately a valuable investment. At a minimum, the site is a useful source of information when it comes to understanding what types of financial aid are available and what steps families can take to make college more affordable. The site is especially useful for underclassmen at the beginning of their college search.
• The site includes information from over 7,000 schools across the U.S. and allows you to filter data using a variety of categories. Students can search broadly for schools based on a program of interest, location or size. Where the site hopes to differentiate itself is through consumer-based filters like average annual cost, long and short-term salary outcomes and the average monthly student-loan payment for recent graduates. Thankfully, the vast amount of data is delivered in a relatively straightforward and user-friendly manner.
• The Scorecard, however, does come with some questions. First, establishing a direct correlation between a student’s college education and post-graduate outcomes is always difficult. While factors such as student loan repayment and ROI are important to consider, they don’t reveal the whole picture. Parents and students need to remember that the impact of a college education is different for each student based on their career goals, area of study and personal circumstances.

With that said, the College Scorecard is a resource that should be utilized by high school students and families as they prepare for (and assess the value of) a college education. The accessibility and transparency of the site is a step in the right direction in helping families from a variety of socio-economic backgrounds make the most informed decision possible.