The Biden administration is pursuing two higher education policies through a series of rulemaking processes that aim to make higher education more affordable and less risky for students. One policy focuses on the system's back end by helping students repay their loans, and the other focuses on the front end by cutting off access to federal aid for…

Data showing what students earn after attending higher education institutions have become increasingly available, bolstering calls from policymakers and advocates that government financial aid programs should be tied to those outcomes. Often overlooked, however, is that these data and policies usually reflect the earnings of only students who…