An analysis of spending trends that is designed to discourage policy makers' focus on finding new revenue rather than reining in spending suggests that the model for financing colleges has reinforced educational inequities and failed to increase the rate at which students graduate. According to the analysis, "serious fault lines" in the current system threaten to undermine America's capacity to educate its citizens. Those conclusions are among the highlights of a report released by an independent policy group, the Delta Project on Postsecondary Education Costs, Productivity, and Accountability. The report is based on data that colleges submit to the U.S. Department of Education, in which they classify their spending by how the money is used. The Delta Project analysis provides information on six categories of institutions: (1) public research universities; (2) private research universities; (3) public master's-degree universities; (4) private master's-degree universities, (5) private bachelor's-degree colleges; and (6) public community colleges. The report also provides a breakdown on which kinds of institutions produce the most graduates relative to the amount they spend on education, finding that the cost per degree is lowest at public and private master's institutions. The project hopes that lawmakers, trustees, and other college leaders will use the data to guide their decision making and better manage college costs. It plans to follow up the report with others that states can use as a baseline for state-by-state comparisons and for institutions to measure how they stack up against others in their category.