New York State Comptroller Thomas DiNapoli recently released a report that indicates that over the last decade, student-loan debt for New Yorkers has grown by more than $10,000 for the average borrower. According to the Brookings Institution, Americans now owe a record $1.3 trillion in student loans, and student loans are second only to mortgages as the largest source of household debt.

It’s not a mystery why student debt is exploding. It’s because of the incredible increases in the cost of higher education. In 1980, the average cost of tuition, fees, and room and board at a private 4-year college was $16,143 (in 2015 dollars). That cost soared 172 percent to $43,921 by 2015-16. Sadly, these increases aren’t limited to just private universities. The average cost of tuition, fees, and room and board at 4-year public colleges in 1980 was $7,362 (in 2015 dollars). The cost jumped 166 percent to an average of $19,548 in 2015-16. Simply put, the growth in college tuition and fees has outpaced the growth of housing prices, consumer prices, and the average hourly wage.

The higher cost and huge debt load needed to cover it have many people wondering whether higher education is worth the economic return. While overall, unemployment rates are lower and weekly earnings are higher for those who have college degrees, it’s also true that the vast increases in student debt associated with obtaining these degrees is eroding these benefits. Further, as our economy continues to struggle, many college graduates are underemployed — that is, they tend to work in jobs that don’t require a college degree. It has been estimated that in 2012, 1 in 3 college graduates had jobs that required a high-school diploma or less.

Answering why college costs have increased so much is complicated. In my opinion, it’s probably due to a combination of factors. First, there is strong competition among universities for high-quality faculty and students. In order to attract faculty and students, colleges are spending large amounts of money on higher salaries, more services, and more amenities. Second, the institutions are engaging in tuition discounting, which is essentially the practice of charging different students different prices for the same educational opportunities. These discounts are given for a variety of reasons such as merit or financial needs. To cover this cost, colleges are ratcheting up the tuition on those who don’t qualify for the discounts. Lastly, due to the very nature of higher education, unlike a private business, there is little incentive to improve productivity and efficiency that could lower costs.

Ultimately, what most people can agree on is that the current system is unsustainable. More and more people are going to ask what is the cost benefit of a college degree. If institutions of higher education cannot answer this question, they will lose students and their viability will be in jeopardy. In order to address this and bring accountability to universities, I support legislation that would require any higher-education institution receiving state funding to disclose information to students that would among other things, show: (1) the average post-degree earnings broken down by program of study; (2) the percentage of students with student-loan debt upon graduation and for students who do not complete a program of study; (3) the student-loan default rate; (4) a financial-aid breakdown by student type and specific programs of study; and (5) the percentage of students who received the degree level initially sought.

Providing this information would give students a clearer understanding of the economic costs and benefits of the colleges and programs that they are considering. In addition, it would put pressure on universities to clearly express the benefits of their programs. This in turn, may force them to reconsider their tuition policies. This is only a first step. The sheer enormity of student debt and the increasing default rates are going to require state and federal policy makers to address the issue. When considering policy changes, whatever we do, we want to make sure that all students, who are so inclined, have an opportunity to attend college. At the same time, we will need to encourage colleges to institute tuition policies that make higher education affordable without needing huge government subsidies or massive loans.

William (Will) A. Barclay is the Republican representative of the 120th New York Assembly District, which encompasses most of Oswego County, including the cities of Oswego and Fulton, as well as the town of Lysander in Onondaga County and town of Ellisburg in Jefferson County. Contact him at barclaw@assembly.state.ny.us, or (315) 598-5185.