Re:America's Most Overrated Product: the Bachelor's Degree
by nradov on Monday October 06, 2008 @08:32PM
(#325501)
Exactly. It's much like the housing market: government-subsidized financing was supposed to help poor people purchase homes and advance the "ownership society". Instead it mostly just drove up prices.
College education prices have been rising faster than the rate of inflation for years. The only reason they've been able to get away with it is the corresponding increases in financial aid. If the subsidies get cut back they'll have to get some financial discipline. For a start they could quit wasting money on unnecessary gold-plated facilities. You don't need fancy dorms, classrooms, and labs to deliver a solid undergraduate education.
How is that inaccurate? They are allowing people to blow tens of thousands of dollars knowing it is for naught. It is fraudulent to admit many of these people. It's not so different from suckering fat people into your diet program.
The biggest problem with college education is the inflated prices, which have been caused by the subsidization of the student loan market. As the student loan market dies universities will be forced to cut costs and tuition DRAMATICALLY. Silver lining on every cloud...