Higher education (HE) in Latin America and the Caribbean (LAC) has expanded dramatically in the last fifteen years, as the average gross enrollment rate has grown from 21% to 43% between 2000 and 2013, and many new institutions and programs have opened. While HE access has become more equitable, and HE supply has become more varied, many of the system's "new" students are, on average, less academically ready than their more advantaged counterparts. Furthermore, only half of HE students, on average, complete their degree; while still high, labor market returns to HE are declining, and vary...