Friday, June 29, 2012

George Will on Subprime College Education

George Will writes in his column today about the higher education bubble, subprime college education and "administrative sprawl": "In his book “The Higher Education Bubble,” Reynolds writes that this bubble exists for the same reasons the housing bubble did. The government decided that too few people owned homes/went to college, so government money was poured into subsidized and sometimes subprime mortgages/student loans, with the predictable result that housing prices/college tuitions soared and many borrowers went bust. Tuitions and fees have risen more than 440 percent in 30 years as schools happily raised prices (see chart above) — and lowered standards — to siphon up federal money.

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