American higher education is at a crossroads. Technological innovations and disruptive market forces are buffeting colleges and universities at the very time their financial structure grows increasingly fragile. Disinvestment by states has driven up tuition prices at public colleges, and student debt has reached a startling record-high of one trillion dollars. Cost-minded students and their families--and the public at large--are questioning the worth of a college education, even as study after study shows how important it is to economic and social mobility. And as elite institutions trim...

American higher education is at a crossroads. Technological innovations and disruptive market forces are buffeting colleges and universities at the very time their financial structure grows increasingly fragile. Disinvestment by states has driven up tuition prices at public colleges, and student debt has reached a startling record-high of one trillion dollars. Cost-minded students and their families--and the public at large--are questioning the worth of a college education, even as study after study shows how important it is to economic and social mobility. And as elite institutions trim...