Anyone who gives a damn is wondering why the cost of a college education is so expensive. Well here is an explanation worth contemplating.
The federal government happily subsidizes inferior state
colleges that graduate few if any of their students. That includes Chicago
State University, which has a 12.8 percent six-year graduation rate.
The Obama
administration has rewritten federal student loan rules in a way that
encourages colleges to raise tuition and effectively subsidizes the worst
colleges the most. The Federal Reserve Bank of New York found that each
additional dollar in government financial aid results in a tuition hike of
about 65 cents.
The federal
government also subsidizes expensive, low-quality third-tier law schools whose
graduates are often unemployed. It does so even though many of their graduates
will never pay back their student loans because of their low graduating
salaries, and the huge amount of money law students are allowed to borrow from
the government. . . . As the Cato Institute’s Neal McCluskey notes, ITT Tech
produced better graduating salaries for its students than nearby public
alternatives. But no one is suggesting that those lousy public colleges be shut
down.
Frontline recently aired a documentary about for-profit
colleges and how they were scamming the system; however, they didn’t touch on
public universities. And as you can
expect, Democratic politicians deflected their culpability onto the evil
private sector. Unfortunately, we will
never see a documentary showcasing their corruption of higher education.
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