When we talk about college affordability, the conversation often starts and ends with price: tuition, fees and the amount students are expected to borrow. But the true measure of affordability is about more than what students pay. It depends on whether students graduate, whether their degree leads to meaningful work and whether they are better off financially in the long run. Too often, students pay the price without receiving the outcomes higher education promises.

Real affordability, then, requires institutions to design learning models and support systems that help students not only pay for college, but also complete their programs, gain relevant skills and transition successfully into the workforce.

Redefining Affordability 

To fully understand and address affordability, we also must consider:

• Direct costs like tuition, fees and course materials

• Indirect costs like housing and food, technology and transportation

• Students’ overall financial wellness, including their ability to meet basic needs, pay bills on time and handle unexpected expenses

Given the full picture of what students are up against, institutions need to account for both cost and financial wellness. That includes guiding students to borrow wisely through tools like WGU’s Responsible Borrowing Initiative (RBI) and ensuring the average total cost of attendance remains below annual federal loan limits. Collaboration with national partners like HEFWA also can help campuses deepen their commitment to financial wellness as a core part of student success.

Measuring Affordability

A degree that leaves students with unmanageable debt and limited career mobility isn’t truly affordable, no matter its price tag. To understand value, it’s important for institutions to track and share outcomes like graduation rates, time spent obtaining a degree, post-graduate employment and earnings and indicators of overall well-being.

Western Governors University (WGU), for example, partners with Gallup, The Harris Poll and National Survey of Student Engagement (NSSE) to conduct institution-specific surveys that capture a broad view of WGU student experience including academic quality, career readiness, and employment outcomes. When this kind of data is made transparent, it helps students and families understand whether the cost of a degree aligns with the real-world outcomes it delivers, making it easier to assess both personal and financial return on investment. In doing so, institutions can be held accountable not just for what they charge, but for the value they provide.

Plus, a better prepared talent pipeline fuels workforce growth and economic mobility, making affordability not just a student issue, but a national imperative.

Lower Costs Through CBE

Competency-Based Education (CBE) lets students advance by proving what they know, rather than by spending a set amount of time in class, allowing them to move quickly through familiar material and focus more time on concepts they haven’t yet mastered.

When combined with flat-rate tuition, flexible start dates and continuous enrollment, this model supports faster completion and lower total costs. The result is a more affordable, efficient, and student-centered approach to higher education.

Misunderstanding the Real Crisis of Higher Ed

A common misconception in the narrative surrounding college costs is that student debt itself is the crisis. But debt is only a symptom, not the root cause. The deeper issue lies in a system that encourages borrowing without consistently delivering the value, support and completion students need to succeed.

As economist and American Enterprise Institute Senior Fellow Beth Akers points out, borrowing for college can be a smart investment when it leads to stable employment, higher earnings and long-term opportunity. In that context, student loans function much like any other form of investment—used strategically, they can yield significant returns. But unlike traditional investments, students often make borrowing decisions with limited information and uneven support. The outcomes depend not just on the student’s effort, but on the quality and value of the institution they attend, the relevance of their program, and the support systems in place to help them succeed.

As concerns about student debt and college affordability remain front and center in public debate, it's important to move beyond broad claims that debt alone is the problem.

Scaling What Works

If we want to make college truly affordable at scale we need practical, proven interventions that prioritize transparency and outcomes:

• Simplify the process: Maintaining a once-per-year FAFSA submission, paired with a more intuitive, user-friendly design, reduces complexity and helps more students successfully access aid.

• Prevent fraud: Tools like ID.me help verify student identities and protect against financial aid fraud.

• Promote informed decision-making: Public tools like the College Scorecard, which shares data on median debt and earnings by program, allow students to evaluate cost and potential return before enrolling.

• Improve financial literacy: Annual student loan acknowledgements through the National Student Loan Data System help students track how much they’ve borrowed and consider the implications of future borrowing.

When paired with models that prioritize strong student outcomes, these interventions provide a clear, scalable approach to making college more affordable—one that helps more students access higher education, earn a credential, and trust that their investment will pay off.

Affordability in higher education isn’t just a financial challenge, it’s a design challenge. When institutions take responsibility for delivering value, supporting completion and ensuring clear pathways to opportunity, students are empowered to invest in their future with confidence. The goal isn’t just access—it’s success, at a price students can afford.

Additional Readings and Resources

• College Scorecard

• HEFWA – Higher Education Financial Wellness Alliance

• WGU Responsible Borrowing Initiative