The Principle of the Thing: Student Loan Immorality

A friend passed along this OpEd piece in the Wall Street Journal today, by Glenn Reynolds.

Occasioned by the imminent rise in student loan interest rates, Mr. Reynolds' piece very clearly points out the obvious:

"Colleges have responded to the availability of easy federal money by doing what subsidized industries generally do: Raising prices to capture the subsidy."

"If we want to solve the very real problem of excessive student-loan debt, college costs need to be brought under control. A 2010 study... found that many American universities now have more salaried administrators than teaching faculty."

Wonder how vet schools would stack up...  any deans want to come forward with their stats?

They say the first step to solving a problem is admitting you have one...

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