Monday, October 17, 2011

Higher Education Bubble

Jim Gallagher has some good advice in the Post-Dispatch for those looking at colleges: "Look at the loan default rates."  The logic is straightforward:
The high distress among former students raises questions about whether schools are charging too much, delivering too little or enrolling the wrong people. Students who hoped to improve their lives through education are ending up deep in debt without the good jobs needed to pay it off.
Default rates are just one of the things to look at, but there is a larger question about the value of the education at all types of universities.  Here is a list of America's 100 most expensive colleges (all above $50,000 per year) and here is a list of the best values in public higher education.

I'm in the middle of reading "Higher Education?: How Colleges Are Wasting Our Money and Failing Our Kids---and What We Can Do About It," by Andrew Hacker and Claudia Dreifus.  It does a pretty good job outlining where the money goes in higher education (hint: it's not for educating your children).  Instapundit has been on this issue for some time, which he calls the Higher Education Bubble.  My own university, Lindenwood, has gone its own way, forging a different model for providing education.