We’ve all seen the statistics: 42 million Americans now carry student loan debt, a daunting economic anchor that totals 1.3 trillion dollars for borrowers. And here in Rhode Island, students graduate with more than $35,000 on average in student loan debt – the second highest amount in the country.

It is a crisis we must address, but as Complete College America has asserted on many occasions, affordability initiatives must go further than simply providing tuition-free college; efforts must instead be designed to ensure students actually complete their degrees and enter the workforce. In other words, scholarship programs must be built for completion.

Fortunately for Rhode Islanders, Governor Raimondo is thinking big about how to address these challenges, providing leadership that is focused not just on affordability, but also on her goals of “radically increasing the number of college graduates in the state” and ensuring residents have the opportunity to compete in a 21st Century economy.

Unlike many other free-college proposals, Governor Raimondo’s plan, which would cover the cost of a two-year degree or half the cost of a four-year degree, includes eligibility requirements that illustrate an uncommon and outsized understanding of what it will take for Rhode Island to produce more graduates and reduce costs in the process. Simply put, this plan may be the best we’ve seen.

The fact is that far too few students, even those considered full time, take the number of credits needed each year to graduate on time. The result: community college students in Rhode Island take an average of four years to earn their two-year degree, and students at four-year institutions often take an extra semester. That extra time on campus means thousands of dollars more in tuition and fees, room and board, debt, and foregone wages. And that’s just for the students who make it to graduation day; many will drop out, racking up debt without the benefits of obtaining a college degree.

Under Governor Raimondo’s plan, student success and completion are the priority. Four-year students would be required to complete 60 credits by the end of their sophomore year in order to receive the tuition waiver – a smart move considering research shows that students who take at least 30 credits per year have higher GPAs, better retention rates, and an increased likelihood of completing their degrees.

Four-year students would also be required to declare a major prior to eligibility in the program. We know that the more credits students take within their program of study, and the earlier they do so, the more momentum they have heading toward graduation. Rather than meandering through coursework and racking up excess credits, students would be incentivized to get on track, stay on track, and ultimately graduate.

For community college students, eligibility would also require full-time attendance, and data from around the country makes clear why: part-time students are far less likely to complete their degrees, even when given double the time to do so. If Rhode Island wants more graduates, more students need to attend full time.

Let’s be clear, though: students aren’t the only ones who need to change their behavior. Institutions must also take steps to ensure on-time completion is the norm and not the exception on their campuses. They can do this by changing the way they deliver remedial education, providing clear and timely academic pathways that lead to a degree, structuring schedules so that students can go full-time even if they are balancing a family and work with school, and giving students the support and guidance needed to reach their goals. Accordingly, any additional tax dollars provided to institutions for implementation of this plan must be tied to real changes like these that are proven to produce more graduates.

Rhode Island may be our nation’s smallest state, but Governor Raimondo is setting a big example for leaders around the nation. More important, she is providing Rhode Island taxpayers more bang for their hard-earned buck: college educations that are more affordable and more likely.