https://www.frontpagemag.com/college-rip-off/
It’s August. Many young people head off to college.
This year, fortunately, fewer will go.
I say “fortunately” because college is now an overpriced scam.
Overpriced, because normal incentives to be frugal and make smart judgements about who should go to college were thrown out when the federal government took over granting student loans.
Why?
Because our government basically vomits money at everyone who applies.
If private lenders gave out the loans, they’d look at whether they were likely to be paid back. They’d ask questions like: “What will you study? You really think majoring in dance will lead to a job that will pay you enough to allow you to pay us back?”
Government rarely asks these questions. Bureaucrats throw money at students. Many don’t benefit. Many shouldn’t even be going to college. Today, nearly half of the students given loans don’t graduate even after six years.
Many feel like failures.
College is good for people who want to be college professors or who major in fields like engineering and computer science that might lead to good jobs. But that’s not most people. Government loans encourage everyone to go to college, even if they’re not very interested in academics.
Government’s handouts also invite colleges to keep raising tuition. Over the past 50 years, college cost rose at four times the rate of inflation. Four times!
Years ago, I reported how colleges were suddenly wasting money on luxuries like fancy gyms and even day spas. Last week, The Wall Street Journal reported that it’s gotten worse: The University of Oklahoma bought a monastery in Italy for study abroad students! The University of Kentucky built a theater where students play video games.
“Why not raise tuition?” asks the typical college president. “Uncle Sam pays the bill!”
When I went to Princeton, tuition was $2,000. Now its $60,000.