U.S. Sen. Todd Young (R-IN) seeks to spur innovation in the nation’s higher education system and supports evidence-based innovation grants to benefit students attending America’s colleges and universities.
“Even before the pandemic, our higher education system was already falling short in serving our vulnerable students,” Sen. Young said. “In fact, every year, 1.2 million low-income or first-generation students enroll in college, but only a quarter of them will leave with a job related to their studies or enter graduate school.”
Sen. Young on March 2 sponsored the bipartisan Fund for Innovation and Success in Higher Education (FINISH) Act, S. 518, with cosponsor U.S. Sen. Michael Bennet (D-CO). The bill would support innovative, evidence-based approaches that improve the effectiveness and efficiency of post-secondary education for all students and to allow pay-for-success initiatives, according to the text of the bill.
“As our economy continues to struggle, we must be cognizant of student debt. It’s more important than ever to incentivize innovation through evidence-based solutions and set students up for success,” said Sen. Young. “The FINISH Act works to ensure our students have the tools to finish a credential or degree pathway — not just start – by using incentives to adopt innovative solutions.”
Specifically, S. 518 would authorize innovation grants, encourage open-educational resources, and establish better evaluation authority while also supporting efficient and new uses of taxpayer funds through Pay-for-Outcomes initiatives, according to a bill summary provided by Sen. Young’s office.
For instance, the bill would amend the Fund for the Improvement of Secondary Education to allow grant recipients to use a portion of their funds for tiered evidence-based grants that support initiatives increasing access to higher education for high-need students. Institutions of higher education would partner with intermediary organizations — such as a non-profit, school district, state education agency, or consortium of groups — to qualify for early-phase grants, mid-phase grants and expansion grants awarded to accomplish such a goal, the summary says.
Some 118 local, state and national organizations, along with numerous individuals, sent a Feb. 1 letter to Sens. Young and Bennet in support of the measure, including The Education Trust, Teach for America, the Knowledge Alliance, Results for America, the Institute for Higher Education Policy, and the Johns Hopkins University Center for Research and Reform in Education, among others.
“We commend you for introducing the FINISH Act, which would leverage the power of evidence and innovation to improve outcomes in higher education,” they wrote.
The bill has been referred to the U.S. Senate Health, Education, Labor, and Pensions Committee for consideration.