An independent report on American higher education flunks Indiana and all but one other state when it comes to affordability.

Besides the F for affordability, Indiana also received grades of C for preparation and participation, B-minus for completion of bachelor's degrees within six years of enrollment, D-plus for benefits and incomplete for learning, a category meant to measure literacy levels and the performance of college graduates.

Only California received a passing grade, a C, for affordability, thanks to its relatively inexpensive community colleges.

The affordability grade is based on how much of the average family's income it costs to go to college.