All students deserve to attend programs and institutions that meet high quality standards. But different program goals, investments of time, and eligibility criteria make it difficult to set specific standards that will apply equally well to all types of programs and institutions. This report sets out principles for developing an accountability system for postsecondary institutions to improve outcomes for students, protecting both them and the investments taxpayers make in their education. The report proposes a system based on multiple metrics that requires institutions to pass three out of four thresholds, which diminishes the risk of institutions manipulating their outcomes and requires satisfactory performance in more than one area, while allowing flexibility for differing programs, missions, and circumstances. The outcomes documented in this report indicate that even if educators implement effective accountability standards that steer students away from the institutions with the weakest outcomes, much work will remain to ensure students achieve their educational goals.