That rising levels of student debt are the result of runaway administrative spending at colleges and universities is a familiar narrative, but it doesn't hold water. Here are four reasons why.

First, reports on student debt don't tell the whole story. Last year 37.3 percent of undergraduate students completed their degrees at the University of Minnesota-Twin Cities without incurring any debt. That's right, none.

For those students who did incur debt, the average was $26,300. Yet, even that figure is misleading because there are a handful of outliers who take on six-figure loans that skew the average upward. The fact is that most students leave the U with a high-quality education and less debt than it would take to buy a new car. Unlike a car, however, a degree from the university will pay lifelong dividends.

Second, most public colleges and universities have experienced a dramatic decline in state financial support. When I was a student at the University of Minnesota in the 1970s, it received, on average, 39 percent of its operating budget from the state. Now it receives only 19 percent.

Yet today, technology permeates university life; classrooms, labs and other facilities are much more advanced; student life is enhanced by modern wellness and recreation centers; academic advice and support for students is far more extensive, and the breadth and quality of degree offerings has improved. In short, the U's value proposition is better than it has ever been.

Third, looking only at tuition without factoring in merit and need-based financial aid is misleading. The U's Promise Scholarship annually provides $30 million in aid to more than 13,000 students. In fact, over the past three years, the U boasts the lowest average net price among all Minnesota four-year colleges and universities — public, for-profit or private — for families making less than $75,000.

This is not to say that "sticker price" is unimportant. Two years ago, the Board of Regents and President Eric Kaler approached state leaders with a proposal — increase public investment in the U and we will freeze resident undergraduate tuition. This freeze is now saving the average Minnesota student between $2,100 and $2,500.

Fourth, some colleges and universities are making real progress toward becoming more efficient. The University of Minnesota has committed to $90 million in administrative cost savings by fiscal year 2019. It has already identified $35.8 million toward this goal. These savings are being reinvested in academic initiatives to further enhance the quality and student experience at the U, as well as bend the cost curve.

To meet the challenges of the future, higher education must offer exceptional academic programs at an affordable price, drive breakthrough discoveries that have real-world applications and be engaged with communities across the state. As chair of the University of Minnesota's Board of Regents, I can attest that this three-part mission guides every decision we make.

The debate over college costs and student debt will continue, but I'm proud of what we are doing at the University of Minnesota. You should be, too.

Richard B. Beeson is executive vice president for corporate development at Sunrise Banks and chair of the University of Minnesota Board of Regents.