Student loans, federal spending to be part of the discussion
The Obama administration is asking what people are getting for their money since college drop-outs cost taxpayers hundreds of billions of dollars every year. Unemployment remains high, yet high-tech companies are projecting shortages due to a lack of prospects entering the workforce.
Consider the following facts regarding modern higher education and its economic impact:
- Students with loans are graduating with more than $25,000 in debt.
- The federal government pours $140 billion annually into federal grants and loans.
- About 40% of college students at 4 year schools do not graduate.
- About 20% of full-time students at a community college do not return for a sophomore year.
A commission convened during the George W. Bush administration found literacy rates among college students have declined and higher education has become “increasingly risk-averse, at times self-satisfied, and unduly expensive.”
The president is on record with his belief that post-secondary schools need to be more transparent regarding tuition costs and the success of their graduates.
THE WORD OF WILKING 