The Federal Reserve Bank of New York has determined that the increasing availability of student loans has tended to raise college tuition costs, to the detriment of the system.
Well … duh.
How much did that report cost? A couple of phone calls would have done the trick.
But let’s look at the other side. Doesn’t an increase in funding mean universities can hire more and better professors to mold impressionable youth?
No. Sorry, Karl Marx.
The money is going to support increasingly bloated bureaucracies – assistant deans and campus life overseers and such. Political science professor Benjamin Ginsburg from Johns Hopkins wrote a book about the subject way back in 2011 and got plenty of feedback from peers.
He summed it up in a blog post on The Fiscal Times: “Professors wrote to me with stories of mismanagement, administrative incompetence, bureaucratic waste and fraud and the sheer arrogance and stupidity of their administrators.”
Things are worse now. When you add in adjunct faculty getting screwed because of Obamacare, the Halls of Ivy are a mess. The marketplace will sort this out, and a lot of people snooty because they work for Prestige U. will be job-hunting. At least they can call gaps in their resumes “sabbaticals.”
Glad I was home-schooled with the rest of the litter.