Another semester is reaching its end, which means grade reports will be sent out to students soon. That’s when we find out if we’ve been getting our money’s worth in our classes — Cs may, in fact, get degrees, but they don’t pay on your resume.

Last week, each state in the country was given a grade report by the National Center for Public Policy and Higher Education. Based on the report, Iowa has some things to be proud of and some things to work on.

The good news is Iowa was ranked first in participation, with 44 percent of young adults ages 18 to 24 enrolled in higher education. Iowa also has the highest percentage — 9.4 percent — of working age adults enrolled in post-secondary education.

Iowa performed admirably in two other categories: preparation and completion. In preparation, the state is near the top of the list in high school students enrolled in upper-level science and math courses. In completion, a respectable 63 percent of college students achieve a bachelor’s degree within six years.

We applaud the state of Iowa’s efforts in these categories, even though there remains a lot of work to be done. For example, there is a 12 percent gap in the number of minority young adults enrolled in college. Iowa also has one of the largest gaps in the United States between the graduation rates of whites and minorities: 19 percent. This has been on the Board of Regents’ radar for some time now, and while some progress is being made, it’s not coming fast enough.

The bad news is that Iowa, and 48 other states, received an F in affordability of higher education. California escaped with a C- because of its dirt-cheap two-year colleges.

The results were startling not just for Iowa, but the entire country. In Iowa, it was found that poor and working class families must pay 40 percent of their income to pay for costs at two-year colleges, and 47 percent at four-year institutions, even after financial aid. Iowa undergrads are borrowing an average of $4,856 per year in loans.

In broader context, the study found that college tuition and fees across the country have increased 439 percent since 1982, but the average family income only rose 147 percent.

If trends continue, the center has estimated that most Americans won’t be able to afford higher education before long.

Iowa’s universities have done a lot of good things this past year, but when the regents review a tuition increase Tuesday in Cedar Falls, we hope these statistics force them to take pause.

Iowa needs real solutions — needs-based financial aid, smarter budget cuts and reduced student fees — to keep college affordable for those the state has worked hard to get into higher education.