The financial-aid policies and practices of colleges and universities have made too many headlines in recent times to remain the domain of technical experts. Boards of trustees, like other constituencies that are responsible for the health and well-being of postsecondary institutions, should be asking how issues being raised about student…

Recent headlines about spiraling college prices combined with congressional proposals to penalize colleges and universities that increase their tuitions much faster than the rate of inflation could lead one to conclude that America faces an unprecedented crisis in college affordability. Closer examination of what students actually pay for college,…