What is college for, and why is it so expensive? From John Leo:
Where does all that money go? Much of it to lavish spa-like facilities and grand new construction, including $100 million or so for multicultural centers and sports stadiums. The debt taken on by colleges has risen 88 percent since 2001, to $307 billion. Jeff Selingo of the Chronicle of Higher Education writes about a “lost decade” of wild campus spending: “The almost insatiable demand for a college credential meant that schools could raise their prices and families would go to almost any end, including taking on huge amounts of debt, to pay the bill. In 2003, only two colleges charged more than $40,000 a year for tuition, fees, and room and board; by 2009, 224 were above that mark.” And now many are inching toward (or past) $50,000 a year...
I am old-fashioned. I think college should be spartan but spartan doesn't sell. It's about branding and sales.
Related from Leef: The wealth gap in America may be widening, but higher education has very little to do with it:
To the slight extent that our higher education has increased social stratification, it is due to the mania for college credentials the system has helped unleash. Some people who can’t obtain the credentials that are increasingly required of job applicants—even for work that calls for nothing more than basic trainability—are shut off from good career paths. That is something of an obstacle to social mobility and if the higher education industry wanted to make amends, it could work toward alternative credentials that would be less costly and better indicators of employability. (There is already movement in that direction, but mostly from outside “edupreneurs.”)
I think the edupreneurs will own the future, especially for those who seek education mainly as an investment in their careers. Traditional colleges don't know whether they are centers for life-enrichment or job-training centers. They are confused about their mission because they do not want to see themselves as credential-salesmen. I have no problem with janitors with college degrees. Why not? I do have a problem with college for people who do not treasure the life of the mind.
