Friday, December 14, 2012
US Treasury Study Explains Why Education Is Important For Mobility and For The Nation
Most families already know the rationale for higher education provided by this Treasury report. Those with college degrees are more likely to earn higher incomes and the economy does better with a better educated work force. The Treasury report recognizes that affordability has become a problem for many Americans and it describes several of the government programs for making higher education more affordable. The thrust of the government programs is to make student borrowing less costly and more available. The Treasury report does not address the problem of declining public spending on higher education. Moreover, much of the borrowed money is wasted on for-profit higher education programs that do not serve the interests of students or the public interest. We would be better off if the government provided funds to states to that are cutting back on education spending than we are when we support student loans that are wasted on for-profit colleges that are not graduating most of the students that they admit.