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A student who is unable to complete college education is being denied happiness. According to a recent research, those who graduate from colleges lead happier and healthier lives. Graduates are also highly productive which is indeed vital for the economic growth of our country.

As compared to those who just a high school diploma, college graduates today can expect almost double lifetime earnings. We also find that income is higher in cities that offer high levels of education to students. This in turn brings in more educated newcomers who can expect higher pay from shrewd employers. This is the ideal situation that can ensure a virtuous and dynamic economic circle.

No doubt, there are many pockets of excellence in our country. However, looking at the overall picture, it is clear that we are spending a fortune on higher education to achieve only mediocre results. In college graduate percentage, we have fallen from 1 to 16 in world rankings.

Two thirds of students who graduate successfully find themselves saddled with a huge student debt which rose last year to more than $25,000 per student. Burden of debt is so huge for some that it even influences their career and personal life. This means, graduates with an unbearable student loan burden thinks twice before getting married or deciding to raise a child.

Recently our President announced a plan that would cap student loan repayments at ten percent. This will indeed be a blessing and will reduce the burden for many. However, even if every single student who is eligible for this loan reaches out for it, the effect would be limited.

There is no near prospect of any additional financial federal help given the gridlock in Washington and the budget constraints. This is a grim fact in spite of which a research by the American Enterprise Institute recently announced that our government can do much more to enable students to skillfully navigate through the education system that is both expensive as well as bewildering.

The first step is clearly to provide more access and transparency to data. It was in 2006 that the Commission on Future of Higher Education pointed out to the fact that schools today do not provide effective public information and adequate internal accountability.

New information requirements were imposed on universities and colleges by reauthorizing the Higher Education Opportunity Act in 2008. This was done in a bid to clear up some of the mess. The fact remains that the method of compliance to this act has been haphazard, says the American Enterprise Institute. It is not very easy to find data related to vital facts such as graduation rates, quality of college programs and work placement.

Especially for students, institutions must provide more accountability and transparency. There must be a standardized page on every college website that offers information on certificate and degree programs based on rates of graduation, costs, employment and graduate median earnings.

Privacy concerns will be greatly allayed by using aggregate statistics. It will also be easier for colleges to organize and compile data and provide access to the public as they already possess most of the data.