the staff of the Ridgewood blog
Ridgewood NJ, the US Supreme Court struck down President Biden’s student debt forgiveness plan, with the court’s six conservatives ruling the administration did not have the power to forgive loans.
But nobody is asking , what’s the deal with collage costs?
College tuition costs have more than tripled after adjusting for inflation since 1980. Economist Richard Vedder of Ohio University says that no industry/profession has had lower productivity gains than universities – with the possible exception of prostitution.
The solution isn’t to load up more financial student aid and then ask taxpayers to pony up for the delinquent loans when the borrowers can’t pay them back with their useless degrees.
One solution is to have every 19-22 year old should pay for their own tuition by working 20 hours a week while in college – as kids do at the College of the Ozarks where tuition is free. If kids are working to earn their college education, they will value it more and they will demand value.
If that doesn’t cover the full tuition then just put an excise tax on each college’s endowment fund to make up the difference.
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It’s been said before, but it is true.
College is VERY overpriced – average Student loans cost as much (if not more) than the average home mortgage and students pay these loans off for decades often 25-30 years. This is just wrong.
Families and students are largely locked into going to college due to the structure of a majority of careers in America, perceived Social Standing and “Peer Pressure”.
Also (thanks in large part to US government programs) all colleges engage in a kind of price fixing. All colleges (especially private colleges) charge within a narrow range of each other and raise tuition largely in lockstep with each other, so the student – while having many, many “choices” – really has no choice with regards to price. They are dealing with an informal oligarchy.
Add to this, the fact that “student financial aid” for MOST students is minimal (<25%) and the remaining "aid" is presented as "Self-Aid" in other words A LOAN – this is not "aid", this is DEBT. Debt the size of a mortgage. This is just dishonest. Many people know this – most don't realize the significance – but they feel that they have "no other choice" and "must go to college" to succeed and be accepted in America.
I’m just addressing the FINANCIAL aspects – I am not even commenting on the actual VALUE of a college education nor am I even addressing any HARM caused by a college education — we’ll leave that for another discussion.