The government should have zero role in higher education, including paying for it. From el gato malo at boriquagato.substack.com:
of a sudden, the internet seems once more awash in ideas such as these:
you can hear the indignation and incomprehension of the woman wall st apes cites.
[see linked article for video]
“$118k for borrowing $41k? clearly this is some sort of unprecedented and predatory robbery!”
it’s a perfect populist talking point: facile yet easy to spread among illiterates.
it “seems” right if you do not understand how anything (especially math) functions.
let me burst the bubble here:
this is how all loans work.
mortgages are exactly the same. by the time you pay off a 30 year mortgage, you’ve generally paid 2-3 times the price of the home.
as rates go up and as time extends, this multiple rises. at 13.5% (a generous rate for unsecured debt from someone with middling credit), over 20 years you’ll wind up paying about 3X your total borrowing.
Those administrators won’t take a pay cut and they have grown used to a cushy lifestyle?
Overproduction of “elites” leads to wipeouts.
Before radio became a wasteland one of the hosts said they want to burn it all down so no one can enjoy the good life after them.