The college scam I REALLY HATE!

Abandon hope, all ye who enter…

Not the ones you are thinking of, though.

From, by Stephen Moore (italics): “The worst idea of all is student loan forgiveness of up to $1 trillion. This would only shift the costs of expensive colleges onto the back of taxpayers — many of whom never even went to college. There are two glaring problems with free college. First, instituting free college tuition does nothing to incentivize college administrators to lower costs. Instead, it simply transfers the burden of paying for higher education from kids whose families have relatively high incomes to general taxpayers, many of whom didn’t go to college at all.

College endowments are massive storehouses of tax-deductible funds.It turns out that endowments have exactly the opposite effects on tuition that one might expect: The higher the endowment, the higher the tuition. The feds have the leverage to reverse this. The forthcoming 2019 oversight report of the U.S. Department of Education, conducted by nonprofit, discovered that “the 25 colleges and universities with the largest endowments in the country reaped $6.9 billion in Department of Education (ED) funding despite holding a quarter-trillion in existing assets, collectively. This is totally unconscionable!!!

“Without any new gifts, most if not all Ivy League endowments could fund full-ride scholarships for all financially needy undergraduate students for the next half-century. With continued gifts to universities, tuition could practically be free to students forever without the endowments running dry. The way to cut tuition, starting with the most expensive colleges, is to require these schools to lower its tuition each year by 5-10% and make up the difference by either cutting costs (that’s easy) or using endowments to subsidize the out-of-pocket costs paid by students and/or taxpayers.

If universities are going to rely on taxpayers to subsidize its exorbitant costs, it makes sense for the public to hold these schools to the high standards it says it holds its students to. If the institution doesn’t take federal money, it can do as it wishes. Lower college tuition are easily achievable for every family in America, and unlike our failed multi-billion-dollar student loan programs or populist slogans such as “free college tuition,” this strategy won’t cost taxpayers a dime.” Stephen Moore is a senior fellow at the Heritage Foundation and an economic consultant with FreedomWorks.

College itself has become a scam. The most prestigious colleges, and I use prestigious in the most cynical fashion possible, constantly importune their alumni for money, with endless fundraising campaigns, to build endowments worth billions, while extorting huge tuition and fee increases from taxpayers and students in the form of marketing the idea that employers place such an emphasis on a college degree that you are lost without such “education”. All the while using a tiny fraction of the endowment money for students, but more for the endowment arms race to increase their bragging rights and their donors’ tax deductions!

Maybe if a college education actually taught students the value of knowledge and diligence, and contributed to the welfare of the country, I could countenance this ripoff. Then why do two of the best educational institutions in the country—Hillsdale College in Michigan and Grove City College in Pennsylvania—refuse government financial aid? The lesson of being truly independent and free from PC bullshit starts with the college administration itself; so does the lesson of being greedy and mendacious.

Author: iamcurmudgeon

When I began this blog, I was a 70 year old man, with a young mind and a body trying to recover from a stroke, and my purpose for this whole blog thing is to provoke thinking, to ridicule reflex reaction, and provide a legacy to my children.

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