The university has become a rogue institution in need of root-and-branch reform.
Two factors have so far shielded the American university from the sort of criticism that it so freely levels against almost every other institution in American life. (1) For decades a college education has been considered the key to an ascendant middle-class existence. (2) Until recently a college degree was not tantamount to lifelong debt. In other words, American society put up with a lot of arcane things from academia, given that it offered something — a BA or BS degree — that almost everyone agreed was a ticket to personal security and an educated populace.
Not now. Colleges have gone rogue and become virtual outlaw institutions. Graduates owe an aggregate of $1 trillion in student debt, borrowed at interest rates far above home-mortgage rates — all on the principle that universities could charge as much as they liked, given that students could borrow as much as they needed in federally guaranteed loans.
Few graduates have the ability to pay back the principal; they are simply paying the compounded interest. More importantly, a college degree is not any more a sure pathway to a good job, nor does it guarantee that its holder is better educated than those without it. If the best sinecure in America is a tenured full professorship, the worst fate may be that of a recent graduate in anthropology with a $100,000 loan. That the two are co-dependent is a national scandal.
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