In this version of New America's weekly podcast, Media Relations Manager Kate Brown sits down with Mark Huelsman, Program Associate with New America's College Savings Initiative to discuss the connection between savings and college completion, the advantages of 529 college savings plans, the ability of low-income families to save for higher education, and policy proposals to help them do just that.

An MP3 recording of this interview is available below. For more on Mark Huelsman, click here.

Note: This post was originally published on Higher Ed Watch, New America's commentary on the world of higher education, run by the Education Policy Program.

Recently, 529 college savings plans have come under criticism. Like many stakeholders in the economy, 529 plan owners have not been isolated from financial pain, and many critics have used recent market volatility and plan underperformance to call for reform. Others, however, have gone further and called for policymakers to abandon 529s in particular, and savings overall, as a plausible conduit to help families afford college. As New America's recently launched College Savings Initiative is charged with examining and improving 529 plans, we feel that it is important to respond to some of these arguments.

To their credit, many critics of these plans share our general goal -- to increase postsecondary access and affordability for low- and middle-income students. We simply differ over whether or not 529 plans provide a promising tool for helping students attend and complete college who could not otherwise afford to go.

Consider this: A recent Gallup survey from Sallie Mae indicates that, while 62% of parents are saving for college, only 32% of those making less than $35,000 have put any money aside for this purpose. Furthermore, half of those low-income families are saving even less (or in some cases not at all) in light of the recession. This is, quite obviously, cause for concern. But is encouraging savings -- and college savings plans as vehicles to do so -- really the answer? We believe so.

"Bring on the data," was the message echoed loudly by representatives of for-profit colleges at a recent event on the sector hosted by the American Enterprise Institute (AEI), a conservative think tank. That same day, the University of Phoenix, the largest chain of for-profit trade schools in the country, took its own step in that direction by releasing the first of what it promises to be an annual self-assessment of academic outcomes.

At first glance, it appears that the for-profit sector is prepared to usher in a new age of accountability in higher education. But just how ready are these schools to let the sunshine in on their actual performance?

Consider the University of Phoenix's self study of its students' success. While perhaps a laudable step toward transparency, there are serious questions about the methodology the institution used to carry out the assessment. (It certainly wouldn't be the first time that the for-profit sector has preached openness while providing misleading data, about the performance of its students, particularly in the areas of graduation and job placement rates.)