For-profit colleges are some of the biggest critics of the federal graduation rate, arguing that it gives an inaccurate image of their institutions. They point out that the official calculation doesn't take into account the vast majority of the students who attend their institutions, most of whom are neither "first-time" nor "full-time." So major…

Undergraduate enrollments have grown sixfold in the last half-century and continue to boom; today more than 80 percent of high-school graduates go to college within approximately eight years of graduation. One might expect those accomplishments to be celebrated, but the expansion of higher education has been accompanied by ambivalence, anxiety,…