Sunday, January 12, 2014

Higher Education As Organized Crime

If higher education were held to the standards as private sector institutions, it would qualify as organized crime
Colleges have gone rogue and become virtual outlaw institutions. Graduates owe an aggregate of $1 trillion in student debt, borrowed at interest rates far above home-mortgage rates — all on the principle that universities could charge as much as they liked, given that students could borrow as much as they needed in federally guaranteed loans.

Few graduates have the ability to pay back the principal; they are simply paying the compounded interest. More importantly, a college degree is not any more a sure pathway to a good job, nor does it guarantee that its holder is better educated than those without it. If the best sinecure in America is a tenured full professorship, the worst fate may be that of a recent graduate in anthropology with a $100,000 loan. That the two are co-dependent is a national scandal.

In short, the university has abjectly defaulted on its side of the social contract by no longer providing an affordable and valuable degree. Accordingly, society can no longer grant it an exemption from scrutiny.


Post a Comment

Subscribe to Post Comments [Atom]

Links to this post:

Create a Link

<< Home