In the U.S., obtaining a college degree has long been viewed as a key achievement. However, I’ve been arguing for a while now that mainstream universities have lost their value due to factors like liberal faculty, increased competition, and inadequate cost management.
Colleges are charging tuition that exceeds inflation by a large margin, and they seem to bear no responsibility for the outcomes of their services. Essentially, they operate as government monopolies. The oversight from the government isn’t particularly rigorous, leading to little accountability.
This lack of price control, combined with the government’s stranglehold on student loans, has resulted in a staggering $1.6 trillion in unpaid student debt. That’s roughly $40,000 for each student—who, let’s be honest, didn’t sign up for this kind of burden.
Biden and Kamala made a move to appeal to young debtors by suggesting debt forgiveness. But one has to wonder—is it really responsible to avoid accountability for borrowed money? In this, let’s say, ‘woke’ environment, if you mistakenly think a car loan is a student loan, who knows, maybe you’ll own a Nissan Versa outright.
As expected, the courts have ruled against Biden’s post-election plans. But for those who took loans under his administration, maybe it’s not all bad? It might even be wise to consider borrowing from those who are perhaps less than savvy about finance.
Frankly, it’s fortunate that Biden didn’t enact a blanket forgiveness. Wiping out some debt would undermine those who diligently repaid or never borrowed in the first place and still secured stable employment.
The issues with the current education system have been festering. Take Liz Warren, for example; she’s teaching a class at Harvard while claiming there’s a need for $500,000 in salaries for professors. Isn’t it ironic that they need to teach students not to worship wealth while costing so much?
When I finished graduate school in 1983, tuition was around $10,000. I juggled two part-time jobs to cover it. Fast forward to today, and the average tuition has skyrocketed to around $70,000, far exceeding inflation rates. If costs had stayed in line with inflation, we’d only be looking at about $23,000.
In the past decade, healthcare costs have surged by 68%, while college tuition has jumped by over 73%. Clearly, government involvement hasn’t made education more affordable. Meanwhile, the prices of consumer goods like TVs have plummeted by 74%. Isn’t that telling?
If universities genuinely prioritized education, they would find ways to keep costs down and adequately prepare students for the real world. Don’t fall for the illusion.
There’s no need to rack up $130,000 in loans for a gender studies degree. Basic economic principles should guide young people to avoid becoming dependent on their parents.
Many young folks are feeling disillusioned—they can’t afford homes, get married, or even start families. For this Lost Generation, student loans might be their only enduring commitment. While friendships fade, plants die, and gym memberships lapse, student debt lingers. Even declaring bankruptcy doesn’t erase it.
Governments crack down on monopolies in other sectors too. Ticketmaster recently faced penalties for anti-competitive behavior, but a fine of $10 million turned into only $1,000 due to a procedural error. It’s a bizarre world.
I often tell my kids that dealing with the government is unpredictable—kind of like the mafia. From tobacco and alcohol to student loans, there’s always a catch. They’re effectively ensnaring young adults in long-term debt when they’re barely old enough to make sound financial decisions.
So, I urge you to reconsider college. Explore trade schools, community colleges, or even entrepreneurship. You don’t need a pricey professor to guide you on every subject.
If you seek community and grounding, perhaps learn about Jesus at church—a counterbalance to some of the less conventional teachings from college.
