College is a Risky Business
The idea is ingrained in our pop culture. Parents, teachers, high school guidance counselors, financial aid officers, and students all understand that if a high school graduate wants to achieve success she will have to go to college. This is the conventional wisdom. Thirty years ago it was true. Today the conventional wisdom is wrong. College is not for everyone.
Of every four students enrolling in college only one will graduate and get a good job. The other three are just wasting time and money. This amounts to billions of dollars and millions of man hours squandered every year. Our government and the universities blissfully ignore this fact. The government’s unwritten policy is, “college is for everyone regardless of cost.” They provide “free” money in the form of loans to anyone who applies without any concern about the borrower’s ability to repay. The university administrators live a posh lifestyle and have little or no concern about operating costs. They understand that they can raise tuition every year and, if the students fall short financially, there is always that government money to fill the gap. Even better the administrators get paid whether or not their students learn, graduate, or get a job.