For millions of Americans, a college education offers significant financial and personal upsides. Yet far too many students find themselves enrolling in programs that consistently fail to produce a reasonable return on their investment—or that of taxpayers. Given that the federal government spends $120 billion each year to support higher education, policymakers have developed an understandable interest in asking what—if anything—might be done about the fact that many institutions are consistently leaving large proportions of their students without a degree and unable to make enough money to pay back their loans. This report intents to respond the following questions: What should the federal government’s goals be for higher education accountability? What success metrics are appropriate for federal policy on higher education accountability? What mechanisms (carrots and sticks) are appropriate or inappropriate for federal higher education accountability policy? What are the biggest concerns about federal policy designed to hold institutions more accountable?