"There is an old saying - when you find yourself in the ditch, the worst thing you can do is keep driving in the same direction. That is what we are doing right now - driving in the same direction. And that direction is taking us to $2T in student debt."
Here we go again. The Regents have once again been cowed by "spendy" Eric Kaler, so the tuition at the "U" is going up (again). Of course, Kaler will not take any ownership for his ever rising costs. No, it is the Republican's fault for not funding the University enough this last session. The truth be told, the "U" gets plenty of dough from the taxpayers, but now Kaler feels compelled to soak the local undergrad kids $60K just for a four year degree.
Here is the secret which is not told. Because our government high schools have become so dumbed down to keep the graduation rates up, 40% of the kids entering college need to take remedial classes. So what? Here is the "so what". The cost to take these classes (which do not count towards a degree), are the same as the classes taken which do count towards a degree. Bottom line? Less and less kids are able to graduate in four years. So that $60K for a four year degree might end up looking for like $75K. Meanwhile, the student debt clock just keeps ticking away.
My wife and I are both proud graduates of the University of Minnesota. We both graduated in the 1970's. We got married before we graduated. Still, (with no help from Mom and Dad), we were able to pay our tuition, rent, books, food and so forth. All we had for money was just with my GI Bill (which was not much), and part time jobs.
I was debt free when I graduated. My wife had $1K in student loans from her undergrad and grad degrees. That loan was paid off the first year after we graduated. No federal help needed there!
Well get ready folks. With $1.5T (and growing) in student loans, more and more of the socialists running for President, as well as the clown car in the House, thing we should own up to this debt, and bail out these little darlings. It is after all, not fair that they should be strapped with all this debt!
But when you peel back the onion, you find some interesting facts. Many with the highest debt, did NOTHING to try and get their education cheaper. Part of this entitlement generation. Quick story - my oldest daughter went after every scholarship and grant she could. Even though her grads were not nearly as good in high school as they were in college, she was involved in a great many activities in high school. Bottom line - she scored two or three grants and/or scholarships. Between that and working part time, she was in good shape for her first year at St.Cloud.
There are dozens of things a kid can do now to cut the cost of their education. Including (GASP!), working part time. But most just want to go to a nice school, often times private instead of public, and soak in the college life. It is all good until graduation, and the sticker shock hits. Some who have gone to private schools have student debts north of $100K. That is a value proposition?
Remember this folks - the only solution I have heard from anyone in Congress is for you and I to pick up this gigantic tab. Not fix education, both at the K-12 level and above. No sir. Just keep funding this broken system.
There is an old saying - when you find yourself in the ditch, the worst thing you can do is keep driving in the same direction. That is what we are doing right now - driving in the same direction. And that direction is taking us to $2T in student debt.