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It's not "broken," so you could argue that it doesn't need to be "fixed."

The fact is, America's higher education system is still widely regarded as the best in the world. And that reputation certainly fits the nation's top research universities and liberal arts colleges, those with swelling endowments and shrinking admission rates.

But this vaunted reputation -- which draws students from all over the globe -- also masks what can only be described as some major flaws: spiraling tuition and fees. Yawning "graduation gaps" between students of different racial and ethnic categories. And nagging questions about how much today's college students actually learn.