I paid my own way through college by working 40 hours a week test-firing .30 and .50 caliber ammunition. But today college students work less, pay more, and borrow more, leaving them with suffocating debt when they graduate from college. Colleges are now taking out more loans themselves, and face increased difficulty persuading investors to loan them money. Colleges and universities, even highly ranked ones, sharply expanded their own debt loads by selling $32.7 billion – that is “billion”, not “million” -- worth of bonds.
Standard & Poor’s, which rates the financial creditworthiness of institutions, has downgraded some colleges, which results in their paying higher interest rates. Colleges have already been closing or going bankrupt at an alarming rate of five per year. Moody’s Investor Services warned in September that closures of colleges are expected to triple in the next two years. Many students are concluding that the high cost of college is not worth it anymore.
With each passing year, left-wing control of college campuses increases, and propaganda taught in curricula such as “women’s studies” is obviously not worth paying $50,000 per year. Many colleges deserve a grade of “F” in the quality of the product they deliver, and many students will find it cheaper and more beneficial simply to start reading the Bible and other great books and to take worthwhile courses offered on the internet, than to take worthless courses at a high-priced college.
Listen to the radio commentary here: