Colleges, and graduate programs, are in trouble. Enrollments are falling — and not just at the PC-tainted University of Missouri — student debt is rising, and, worst of all in any bursting-bubble industry, the rubes seem to be catching on. This weekend, walking out of the drugstore, I saw Consumer Reports’ cover story, “I kind of ruined my life by going to college.” It was all about student loan debt and what it does to people’s lives. Hint: Nothing good.
I noted some years ago that trends in higher education couldn’t continue. The cost of college goes up every year; salaries, on the other hand, have grown much more slowly, if at all. This means that where today’s parents might have been able to comfortably fund their educations with loans and part-time work, today’s students can’t. Tuition is too high to cover with a waitressing job, and salaries are too low to comfortably pay back the debt after graduation. Or, sometimes, to pay it back at all.