Maybe the high cost of college and student loan indebtedness would make sense if the colleges were doing a bang-up job of educating their students, but that’s often not the case. From Walter Williams at lewrockwell.com:
This year’s education scandal saw parents shelling out megabucks to gain college admittance for their children. Federal prosecutors have charged more than 50 people with participating in a scheme to get their children into colleges by cheating on entrance exams or bribing athletic coaches. They paid William Singer, a college-prep professional, more than $25 million to bribe coaches and university administrators and to change test scores on college admittance exams such as the SAT and ACT. As disgusting as this grossly dishonest behavior is, it is only the tiny tip of fraud in higher education.
According to the Bureau of Labor Statistics, in 2016, only 37% of white high school graduates tested as college-ready, but colleges admitted 70% of them. Roughly 17% of black high school graduates tested as college-ready, but colleges admitted 58% of them. A 2018 Hechinger Report found, “More than four in 10 college students end up in developmental math and English classes at an annual cost of approximately $7 billion, and many of them have a worse chance of eventually graduating than if they went straight into college-level classes.”