August marks the time when many young individuals embark on their college journeys. However, it is fortunate that this year, we are seeing a decline in the number of students pursuing higher education. This sense of relief arises from the realization that college has transformed into an overpriced sham. The exorbitant costs can be attributed to the lack of financial prudence and discernment in the student loan system, which is now under the control of the federal government. Unlike private lenders who consider repayment potential, the government indiscriminately disburses funds to anyone who applies, disregarding crucial factors such as prospective majors and job prospects post-graduation.
This absence of scrutiny leads to a significant portion of students who fail to benefit from their college education. Many of these individuals did not genuinely possess the inclination or aptitude for academia in the first place. Unfortunately, government loans perpetuate the narrative that college is a universal necessity, despite the fact that it does not align with the aspirations of most individuals. Furthermore, these generous handouts create an ideal environment for colleges to continuously hike up tuition fees. In the past half a century, the cost of college has surged at an alarming rate, outpacing inflation fourfold.
Historically, there have been instances of colleges squandering funds on unnecessary luxuries like extravagant gymnasiums and day spas. Taking this disapproval to new heights, the University of Oklahoma recently purchased a monastery in Italy solely for the use of its study-abroad program, while the University of Kentucky built a theater exclusively for video gaming among its students. The mindset of raising tuition with no consideration for students’ financial burden is perfectly encapsulated by the response of the typical college president: “Why not? Uncle Sam foots the bill!”
Personally, my experience at Princeton University revealed the stagnation within traditional teaching methods that persists to this day. Lectures delivered by professors were painstakingly monotonous, leading me to wonder about alternative approaches to information dissemination. This realization ultimately paved the way for my success in the field of television.
The weight of student loan debt hangs heavily over borrowers, with tens of thousands of dollars owed by many. Last year, the president proposed canceling up to $20,000 of debt per individual, prompting an outpouring of support from indebted students and organizations like the Student Debt Crisis Center, hailing it as a significant victory. However, canceling debt under such circumstances is grossly unfair to those who diligently work to repay what they owe. Thankfully, the Supreme Court rejected Joe Biden’s plan, recognizing that only Congress possesses the authority to enact such cancellations. Yet, the administration is persisting in its endeavors, now proclaiming debt forgiveness for individuals who have made payments for over two decades. While this represents a slight improvement, it still raises concerns. Perhaps the courts will intervene once again to halt this practice.
The prevailing belief that a college degree is a prerequisite for employment is no longer valid. Major corporations like IBM, Accenture, Dell, Bank of America, and Google, have abandoned degree requirements, acknowledging the diminishing value of many undergraduate programs. State governments in Maryland, Utah, Colorado, Pennsylvania, Alaska, North Carolina, New Jersey, and Virginia have followed suit. Lucrative opportunities exist in trade professions such as welding and plumbing that do not necessitate a college degree. Trade-school programs typically take less than two years to complete and are significantly more affordable than their college counterparts.
In summary, a prosperous life and access to quality employment do not hinge upon access to lavish dining facilities, video game-equipped auditoriums, or a college degree. The current state of higher education has become a government-subsidized deception, and it is indeed a positive development that fewer individuals are succumbing to its allure. It is crucial to recognize the alternatives and consider paths that align with individual strengths and aspirations. Let us not fall victim to the overpriced farce that college has become.
John Stossel, the author of “Give Me a Break: How I Exposed Hucksters, Cheats, and Scam Artists and Became the Scourge of the Liberal Media,” provides further insights into this matter.
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