Now the main point of this article here is that President Obama rightly faces strong resistance to his plan to censure for profit colleges, especially trade schools. He's not entirely off base here, though, as hiring rates for their graduates are low, and loan default rates are high. Of course, about 40% of students which attend traditional colleges leave without a diploma as well, and I can't see that that helps them find useful employment or repay their student loans, either.
Which is to say that overall, there needs to be a move to make sure that the taxpayer isn't left holding the bag for students who aren't going to be able to pay back the loans. Now in a private system, this would be no problem. Students who want to spend $300k to get a degree in gender and ethnic studies, or who want to go to college for something where employers will train you, would be politely told that the loan will not be forthcoming--or else the loan officer will need to find a new career when the inevitable happens.
For government, of course, it's more difficult, as they can't just admit that their whole program has been all about sending people to college who never belonged there. Put in an SAT minimum? You've just shut down trade schools that don't require it and don't need it. Try to put in minimum qualifications depending on the school's majors, graduation rates, and hiring rates? Good luck getting government bureaucrats and college officials to agree on that one and not take it to court. Continue as we're going now? I'm told that the higher education "bubble" of loans that might not be repaid is close to a trillion dollars--nearly the size of the mortgage bubble.
Suffice it to say that I'm pretty confident that we're running into a nasty situation caused by our unwillingness that some people simply don't belong in ivy towers, and pretending they do is going to cause the very most pain to precisely those people--and then quite a bit of pain to the rest of us. Pray that our legislators get a dose of maturity they haven't shown much lately.
Who Writes Your Obituary? - Some time ago, some of my co-workers (who shall not be named) were reading an obituary. We all knew a bit about the fellow who had died, and the sad fact ...
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