Eagle Forum Legislative Alerts

Friday, December 27, 2013

Is College Worth the Cost?

William Bennett used to be Secretary of Education. He has just authored a new book with a provocative title Is College Worth It? Bennett and his co-author David Wilezol say college today should “come with a bright red warning label: ‘Warning! High risk of debt and unemployment.’” They cite a 2012 survey finding that one in every five American households “owes student loan debt” and another study revealing that one in four borrowers are delinquent in paying off student loan debt. The authors conclude that “American has overbought into the idea of college for everyone.” The real cause of Americans owing more than $1 trillion in student loans include rising tuition costs. Let’s be frank. The colleges raise their tuition prices because easy money was available in government loans. Other causes are unaccountable universities, and an inflated perceived value of a college education. It is a serious concern that taxpayers may face bailouts of students and colleges.

When a student is determining which college to attend and what to study, the student should evaluate an expected return on investment. About 50% of the college graduating classes of 2011 and 2012 are unemployed or underemployed or working jobs that do not require a college degree.

Bill Bennett says that Obama’s goal to increase degree attainment from 40% to 60% by 2020 is misguided. I think it’s a deliberate deception; the real motive is to disguise our high unemployment figure by saying so many young people are in college. Bennett points out that, while there is a social stigma in not having a college degree, there is an even larger stigma attached to being unemployed. The name of the book is Is College Worth It? By William Bennett.

Listen to the radio commentary here:

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