The media is starting to waken up to the college bubble that will soon explode in America. Now the realization that it is the government, for using college attendance as a means for vote buying, and colleges, foisting certificates in worthlessness, still hasn't dawned on them. The author blames private lending institutions and the fact that there is not more government oversight. I can't say I entirely disagree since allowing student loans to be dischargeable after so many years would restore some sort of monetary balance.
As it stands now the media, and most Americans, will see this simply as a lending bubble. They aren't wrong, however, as is all too often the case, they fail to see the college lending bubble is simply a manifestation of a deeper problem. That problem being the degradation of traditional college education for the sake of votes, college administrations, and teachers who teach classes on the sexual habits of aboriginal peoples. The college lending bubble only exists because it is politically unpopular to take an honest look at the value of most college degrees and college in general in the age of free information.
Wednesday, September 19, 2012
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About Me
- Cogitans Iuvenis
- Seattle resident whose real name is Kevin Daniels. This blog covers the following topics, libertarian philosophy, realpolitik, western culture, history and the pursuit of truth from the perspective of a libertarian traditionalist.
It's simple supply and demand. With the government subsidizing higher ed with loans & loan guarantees, demand went up and thus the price. Over the years, standards were lowered such that everyone could get a loan and go to college.
ReplyDeleteIt is the same in Canada: student loans abound. A university degree has taken the place of the high school diploma, and even that might not be enough to get one an interview. College is the new high school, and dilution of quality has added 3-4 more years to school life. And debt.
ReplyDeleteContent and quality is so watered down now especially in liberal arts and soggy sciences programs leading to a B.A. (bugger all) or a B.Sc. Except as entry points for further studies, these are worse than worthless degrees. At the end of it, you have a useless piece of parchment, a pile of debt and a list of profs who have already forgotten you. The exceptions: hard science, engineering and medicine.
My son won a scholarship for a $50,000 two-year intensive course at Caterpillar U, and is now a high-earner as a heavy equipment mechanic working in the Alberta Oil Sands. A this point in time, boys should be urged to seek high-end technical fields -- like plumbing with a side of carpentry.
Capt (ret) Bill, eh?
That is the rub isn't it? Not only has the cost gone up astronomically, which in itself is a major issue, but the quality of the education has not only kept up with the increase in prices but has done the exact opposite.
DeleteAnd that is perhapes the final point that needs to be addressed. There is no reason why education should cost as much as it does in the day of free education; excluding specific technical or heavily specialized information occupations such as medicine.