"Every private college president I know is committed to making his or her institution affordable. Hundreds of private colleges are already cutting costs, reorganizing, downsizing, and finding new sources of revenue. At the same time, they are increasing the amount of student aid earmarked for low- and middle-income students. Today, more than twice as many independent institutions have tuition and fees of less than $9,000 as have tuition and fees of more than $18,000. And independent colleges and universities now provide from their own resources three times as much grant aid to students as the federal government does. However, there is still much progress to be made. Institutions nationwide must continue improving the efficiency of their operations while maintaining the integrity of their academic programs.

"Although colleges and universities face many challenges, they do have positive stories to tell. The rate of tuition increase has slowed dramatically in the past five years; the actual price of college (tuition minus financial aid) has dropped for the neediest students since 1993; and new changes in the tax code and federal aid programs will give families greater opportunities to afford college. The commission’s report shows that colleges must not only work harder to curtail costs, they must be able to explain cost and aid issues to the public. 

"Higher education is one of the most important investments a family will ever make. Now it’s up to all of the partners in financing higher education - colleges and universities; federal, state, and local governments; donors; students and families - to work together and implement where appropriate the report’s recommendations."