Tag Archives: cost of college

The Pandering Continues

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One friend on Facebook commented that the last Democrat debate looked like an auction to see who could give away more of other people’s money. We have a debt problem in America. So far, neither the Democrats or the establishment Republicans have been willing to address Washington’s addiction to spending. However, based on the Democrat debates, the Democrats would increase the debt rapidly. The Republicans are only leading us off the cliff slowly.

The Federalist posted an article today about the Democrat plans to forgive all student loans.

The article reports:

Of all the pandering showcased during Democrats’ attempts to win back the presidency, wiping out student debt ranked at or near the top.

“I believe that education is the future for this country,” socialist Sen. Bernie Sanders barked during the first round of Democratic primary debates, explaining that’s why we must “eliminate student debt and we do that by placing a tax on Wall Street.” Sen. Amy Klobuchar spoke similarly. “I can tell you this,” the Minnesota senator demagogued, “if billionaires can pay off their yachts, students should be able to pay off their student loans.”

There can be no serious discussion of this issue, however, in 60-second sound bites. So, beyond the soak-the-rich shtick that shades every Democratic economic debate point, the candidates resorted to two tactics: shock and sob stories.

The article reminds us of some basic reality that reveals the absurdity of the sob stories:

There are many ways to counter these arguments, based on both economics and equity. But it’s hard to counter soundbites with sense, so instead, here are my inquiries for these politicians, the press, and all the students demanding relief from the burdens of their debt: Tell me your sob stories from age 12 on, not what you can’t do now, but what you couldn’t do then. Tell what you had to do then and through college to avoid what is now, to you, crushing student debt.

What time did you get up to deliver papers in junior high? How many hours a week did you work since 14 to save for college? How many toilets did you scrub? How many high school football games did you miss because you were working? What dream college did you forgo to avoid taking out student loans?

Which 8 a.m. class did you take so you could complete your major’s requirements and still work in the afternoon? Which bus line did you take to get to your job because you didn’t borrow to buy a car? What job did you work full-time while completing your MBA at night?

What did you do to afford college? What didn’t you do because of the cost of college? Were you getting tattoos and traveling your way through college? Were you pledging and partying? Did you go to your top-choice university? Maybe an out-of-state public university with higher tuition rates? Which spring break and study abroad destinations did you visit along the way?

The article concludes:

Did you splurge on your fairytale wedding instead of paying down your student loans? What cars did you buy or lease? Where did you live? What electronics did you own? What clothing and other personal expenditures did you have? In short, show me the money and how you spent it!

None of my business? You’re right. Nor is your student debt my business or my problem.

As Student Loan Debt Increases…

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On Sunday, The Attleboro Sun Chronicle posted an editorial about the ‘perks’ many of our college-level administrators and teachers receive. As more money becomes available for student loans, colleges have no reason to cut their costs or seriously consider how they spend their money. The Sun Chronicle pointed out some of the things currently impacting the cost of a college education.

The article reports:

Massachusetts state university costs students around $9,000 a year, or 24 percent less than the average New England private university.

But that could be changing, putting the economic future of many Massachusetts citizens – and the fiscal future of the state as a whole – in jeopardy.

As an example, at Bridgewater State University, which draws scores of undergraduates from the local area, students face a potential $700 increase in student fees next fall, the largest hike since 2007.

Bridgewater State’s board of trustees is already projecting a 4 percent reduction in department budgets alongside the increase in fees, as Sun Chronicle correspondent Kayla Canne noted in an April 9 story.

Since 2007, the state’s Department of Higher Education says, tuition and fees at Bridgewater gradually increased from $5,866 to $8,928.

Part of this is due to the failure of the Legislature to fully fund the state’s higher education budget, particularly the $8 million in union contracts that universities have negotiated with faculty and staff.

But it also makes it all the harder to justify the perks of office handed out to top university administrators.

Dana Mohler-Faria, Bridgewater’s ex-president, cashed in his unused sick and vacation time for a one-time payment of $269,984, accepted a $183,421 annual pension in addition to an annual $100,000 consulting contract with the school. (Mohler-Faria eventually gave up the consulting contract after facing criticism.) His perks were hardly unique, however. A recent story in The Sun Chronicle by the New England Center for Investigative Reporting revealed that presidents and other top administrators at public colleges and universities are provided houses, cars, free tuition for their spouses and children, country club dues and other perks. Some are eligible for bonuses of up to $201,000 per year.

Might some of this be responsible for the high cost of a college education? When you consider that the government took over the student loan program during the Obama Administration, leaving the taxpayers on the hook for defaults on college loans, the cost of a college education becomes important to everyone. It’s time for colleges to look at their budgets and consider how they are spending their money.