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Thursday, September 06, 2018

11 Rage-Inducing Facts About America's Wildly Out-Of-Control Student Loan Debt Bubble

Higher education has become one of the biggest money-making scams in America...

We tell all of our young people that if they want to have a bright future, they must go to college. This message is relentlessly pounded into their heads for their first 18 years, and so by the time high school graduation rolls around for many of them it would be unthinkable to do anything else. And instead of doing a cost/benefit analysis on various schools, we tell our young people to go to the best college that they can possibly get into and to not worry about what it will cost. We assure them that a great job will be there after they graduate and that great job will allow them to easily pay off any student loans that they have accumulated. Of course most college graduates don’t end up getting great jobs, but many of them do end up being financially crippled for decades by student loan debt.

In all of American history, we have never seen anything quite like this student loan debt bubble. Since 2007, the total amount of student loan debt in America has nearly tripled.

Let me repeat that again.

Since 2007, the total amount of student loan debt in America has nearly tripled.

But of course the quality of college education has not tripled over that time. Instead, it has progressively gotten worse. At this pointmost college courses have been so “dumbed down” that the family pet could pass them. If you would like to look into this more, you can find a list of 37 of the most idiotic college courses in America right here.

These days, most college courses do not require any actual writing. Instead, your performance is judged by a series of “tests” consisting of multiple choice, fill in the blank, and true/false questions. And the questions are usually ridiculously easy, because most of our high school graduates need to take remedial courses in basic skills when they get to college.

I spent eight years at public universities, and the quality of education that I received was a joke, and that was many years ago. Now the quality of education has deteriorated so dramatically that most college degrees are essentially worthless from a practical standpoint, but for many professions you still need that “piece of paper” in order to “qualify” for certain jobs.

So the scam continues, and thousands upon thousands of “administrators”, “diversity specialists”, “career counselors” and “college presidents” are taking home massively bloated salaries at our expense. Beautiful new lecture halls, residential complexes and sports stadiums are going up at colleges and universities all over the country, and textbook publishers are laughing all the way to the bank.

If everything but the basics was stripped away, the cost of actually delivering a college education to students would be quite low. In fact, most learning could be done over the Internet.

But instead, the “college education industry” has convinced all of us that we desperately need their services, and that we shouldn’t care about the price.

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6 comments:

Anonymous said...

The tail is wagging the dog.
Easy loans makes it easier for colleges and universities to get more money and charge more. This is one time I actually want more government regulations.
Someone has to step on the brakes and smack the hands reaching into the cookie jar. Enough is enough. Kids only want to go to the schools with the new student union, new dorms, etc. So, colleges keep spending more because they have an endless stream of money coming in.
Think about it. How hard is it to be a university president? Most of what they do is for fundraising. Do they need to be paid $750k per year?!

Anonymous said...

I agree. Back in the 80's and 90's you could get through college in Salisbury with little or no debt. It is a much nicer campus than it was back then. You still get the same education now as you did then. The only change is the window dressing and that's why you are paying more. I don't feel sorry for those people that borrow money to go to college and get a BS degree in some crap that will never get them a job. Your choice , your loan so just shut up and pay your bills.

Anonymous said...

No

Anonymous said...

The great thing about Student loan debt, it makes the little Liberal Bastards have no extra cash to help overthrow our conservative way of life!

Anonymous said...

Government regulation?
LOL

The people who are profiteering from Student Loan scandal are the same people who have control of the politicians through campaign financing. Get real.

The richest people in the world have us exactly where they want us.

Anonymous said...

Salisbury with the SAME cinder block walled dorm rooms with little insulation for heat in the winter. BS that money is being spent wisely and not in someone's pocket - who just left the building!