In addition to my post yesterday and other education related posts on the Powerblog (here, here, here, here, and here), I highly recommend this analysis of the higher ed bubble from educationviews.org if anyone is interested in learning more.
I would emphasize that this is not simply an economic problem but a moral one. We cannot in good conscience continue to promote higher education to our youth while its quality continues to diminish and its price continues to rise. To do so is to fail to fulfill our moral duty to leave an inheritance to the next generation from the good that previous generations have passed on to us. The bar needs to be raised as a matter of human dignity. On the whole, people will rise (or fall) to the level of the expectations that we have for them. The level of expectations placed upon a person sends a message about their perceived ability and value. In addition, needless spending needs to be cut, and our government and banks need to stop handing out loans like candy to pursue degrees that will not realistically secure the income needed to pay them back. This is a present moral failing that is leading us to a future economic collapse.
From the article:
As George Will describes it, the bubble is what happens “when parents and the children they send to college are paying rapidly rising prices for something of declining quality.” The point at which parents cease to be willing to pay those rising prices is when the bubble bursts. When that happens, the financial assumptions on which American higher education has been based for many decades will come crashing down.
There are, however, two highly unpredictable elements in the current situation. One is the willingness of the Obama administration to sustain the bubble by encouraging more and more students to attend college and by using student loans to support this expansion. The other is the bubble-deflating power of online education.
