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For an opposite view point, see the Salon article Tuition is too damn high. It argues for the vast majority of people tuition has increased because government has drastically cut funds to public education. Not because of Pell Grants or "easy money". The author has some interesting data, as well. Here's a glimpse: "The first step in grappling with the rise in the cost of higher education requires understanding where students go to school. There are three main categories — public schools (which include both four-year public universities and two-year community colleges), private nonprofits (the Ivys, most liberal arts colleges, etc.), and the for-profits (Kaplan, University of Phoenix, Corinthian Colleges, aka “career schools”). Here’s the key statistic: Fully 70 percent of the 19 million undergraduates and 3 million graduate students enrolled in post-secondary education in 2010 attended schools considered to be in the public sector — by which it is meant that some portion of their funding comes directly from government." "The problem: The word “public” doesn’t mean as much as it used to. Direct state support for public colleges has cratered over the past 10 years, and really fell off the cliff after the financial crisis. Yes, tuitions have risen, but not by as much as state and local appropriations for higher education have fallen. Just between 2008 and 2009, for example, average tuition revenue at public research institutions increased by $369 per student, but the loss in state and local appropriations per student was $751. Similarly, at public community colleges, tuition revenue rose by $113 per student, while appropriations fell by $488. Since the recession of 2001, tuition hikes, as exorbitant as they have been, still haven’t kept pace with the fall in government support." http://www.salon.com/2012/05/11/tuition_is_too_damn_high/ |
In reality, young adults don't go to college to learn. They did that for ~15 years (even worse, they did for 15 years by compulsion without much say in the matter) and the vast majority want to do something else. Most of them are there for credentials, not knowledge, and that is the problem.
The most important problem here is the necessity to disconnect education from schooling. The intent of the latter is to cause the former, but the former is not dependent on being confined to the latter. You can apprentice, you can self-teach, you can dive in as a high risk newbie in an industry. None of those involve going to prohibitively expensive summer camps turned annual to get lectured at.
The Internet enables a lot here - where previously it was very hard to find like minded individuals interested in participatory group learning about a subject, now it is stupidly easy, a search away. Learning resources are also rampant online in what used to be confined to a tome from the local library or a prohibitively expensive book purchase.
So the third viewpoint is that the problem has nothing to do with how the government behaves here because it is symptomatic of a baby-boomer irrational quest to get pieces of paper saying "bachelors" on it for everyone currently under the age of 30. The solution is to get a significant chunk of the people currently attending college and accruing these insane debts into more productive and better directed paths to careers in the things that interest them without the cultural baggage touting a phd in some field writing on a chalkboard as the golden goose of learning.
The real, true, bottom of the barrel reason I think this entire debacle even exists or came about in the first place, and I think it is at the root of most societal shifts for 30 years, is that the ultra-concentration of capital and wealth into so few people has dramatically slowed down the productivity engine of the first world. There is little motivation when you already pull the strings of international business to invest in risky youth labor, and when you control a huge chunk of the economy your lack of risk taking on new talent means huge droves of the population are never given a chance to succeed. It is safer and (here is the key) more profitable to play games with rigged fiat money and banks or stocks of fortune 500ers than to actually create goods and services by growing productivity and creating value.