We need to modernize our antiquated, broken higher education system. Here’s how:

Hillary Clinton wants to reform higher education using the same failed approach that has been tried in Washington for decades: she wants to raise taxes and pour more money into the current outdated system rather than take the initiative to modernize it.

Our higher education system is antiquated and broken in multiple ways. It is too expensive, too time consuming, and too inflexible for busy single parents and working adults. At a time when higher education is a requirement for most high-paying jobs, too many Americans do not have the time or money to earn a degree, and too many degrees do not lead to jobs.

Allowing every American the opportunity to earn an affordable degree that equips them for a modern high-paying job will be a top priority of my presidency. We cannot restore the American Dream if we fail in this task. So what is Hillary Clinton’s solution to this generation-defining challenge? To raise taxes and pump $350 billion into the current outdated system without making any fundamental changes to increase accessibility, competition, or choice.

In fact, not only would Hillary Clinton’s plan fail to solve the underlying problems, it would actually make the underlying problems worse. As history clearly shows, whenever government increases higher education spending, schools happily raise tuition since they know the federal government will foot the bill. One study found the impact of increased government funding on rising tuition rates was as high as 65 percent. So Hillary Clinton’s proposal will likely cost taxpayers even more than its initial daunting price tag.

I will take a different approach. Rather than spend more to maintain the current flawed system, I will fix higher education by promoting choice, competition, greater access, and lower costs. I have proposed specific reforms that will achieve these goals throughout my time in the Senate, and I will enact them as president.

Chief among these reforms is my plan to fix accreditation, which is the process by which institutions become certified to provide degrees. This process is currently controlled by a cartel of established colleges and universities, which use their power to block competitors from emerging. This is why flexible online degrees often cost just as much as traditional on-campus education: because brick-and-mortar schools don’t want to compete with more accessible options.

As president, I will establish a new, independent accrediting entity designed to welcome affordable and innovative education providers. This would transform higher education by exposing it to the market forces of choice and competition, which inevitably bring down prices for consumers. It would give rise to new ways of earning a degree or certification. For example, people could finally get credit for what they learn everyday using the resources all around them, such as free online tools, apprenticeships, mentorships and personal instruction.

I’ve also proposed changes to how graduates repay their student loans. As president, I will make payments automatically proportional to a graduate’s earnings, thus reducing the financial risks of pursuing a degree. I will also allow students to avoid loan debt altogether by partnering with investors who will pay their tuition in return for a small percentage of their salary for a set number of years after graduation. This way, the risk would lie with the investor rather than students and taxpayers.

When I am president, college applicants will also be provided with information about how much they can expect to earn with a major from a given school, allowing them to make an informed decision about whether the financial costs of their chosen degree will be worth it.

Reforming higher education isn’t just good policy — for me, it’s deeply personal. I had over $100,000 in student loan debt as recently as four years ago. I know what it’s like to have your biggest monthly expense be the loan payment to Sallie Mae. I understand this challenge, and I understand how to solve it. That is why I will apply the same common sense to higher education as I will to all our outdated institutions: I will mend our broken system rather than spend more to maintain it. It’s the only way to bring our nation into the 21st century and empower all our people to achieve the American Dream.