The federal government currently provides more than $150 billion each year to students and their families in the form of grants, loans, work-study funds, and tax credits to help make college more affordable. This sizable public investment in higher education has indeed made college attendance possible for a larger share of Americans. However, there is growing concern in Congress on both sides of the aisle over whether these funds are being used effectively to help students receive a high-quality education at an affordable price tag. Washington policymakers who are frustrated by minimal accountability standards for colleges can turn to the laboratories of democracy--the states--for other ideas. One policy that has been adopted in nearly 40 states is performance-based funding, which ties at least a portion of state appropriations for public colleges to student outcomes such as degree or certificate completion. Should Congress also use degree completion as an accountability metric, including such a provision when reauthorizing the Higher Education Act? While the idea has promise, it also presents potential pitfalls. In this article, Robert Kelchen of Seton Hall University sees both promise and pitfalls in tying federal funding to such outcomes, even as he doubts that a new Higher Education Act is on the near horizon. [For "Should Congress Link Higher-Ed Funding to Graduation Rates? Debating the Use of Degree Completion as an Accountability Metric," see EJ1235168.]