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All Posts for The President's Blog

How to Answer the Ultimate Question: ‘Is College Worth It? Part 1

July 21st, 2014 by dfarish

There was a time, not so many years ago, when college presidents bemoaned their inability to attract much public attention to what they were doing. Ah, for the good old days! We now receive attention from every quarter, and more advice—and criticism, some of it rather hostile—than we know what to do with. We are suffering from a classic case of “be careful what you wish for.”

Consider the range of opinions expressed in the following four comments. An editorial in USA Today (June 4, 2014) includes the following quotes: 

“Colleges are able to increase costs without consequence largely because easy access to federal aid assures them a steady supply of students, so debt keeps piling up, which is not just a problem for the students. Taxpayers are vulnerable as students default, for instance, and home building is stifled as debt-laden young people resist taking on mortgages.” 

The Slow-Motion Train Wreck Speeds Up

May 27th, 2014 by dfarish

For the past 18 months, I have made numerous posts wherein I have described my reactions to seeing the gradual disintegration of both the public and private models of higher education, in a manner akin to watching a slow-motion train wreck.

Well, the rate of disintegration is increasing. The slow-motion train wreck is speeding up. Consider five categories of evidence from the news media in recent weeks:

(1) The gap between the wealthy privates and everyone else is becoming a chasm.

My claim in my blog post of Oct. 15, 2013, that, in some respects, the wealthy colleges and universities seem more like investment companies that do a little teaching on the side now seems more prophetic than ever. Two recent articles make the case.

Is the Student Loan Crisis Really a Crisis?

June 17th, 2013 by dfarish

For the past 18 months, the media (and, subsequently, the politicians) have been focused on the rising tide of student debt. Two issues have attracted particular attention: first, the fact that total student debt has (a) exceeded $1 trillion, or, expressed alternatively, (b) exceeded the total of credit card debt; and second, the fact that some individuals have accumulated more than $100,000 in student debt.

News stories have become increasingly frantic. For example:

The Debt Problem – Part II

March 18th, 2013 by dfarish

Last week, I commented on Charles M. Blow’s March 9 column in The New York Times, which focused on the problem of student debt. I discussed the factors that contributed to the sudden growth of educational debt and steps that are necessary to rectify the problem (or would at least prevent it from becoming worse).

I ran out of room before I could get to the issue of assessing how big a problem student debt really is – hence, Part II this week.

On the one hand, student debt has increased dramatically: roughly $1 trillion in total debt, more than twice what it was just eight years ago, and larger in size than the total of all credit card debt. On an individual level, approximately half of the student population borrows to finance their education, and they graduate owing an average of about $26,000.