Op-Ed Contributor - Universities Are Heading Toward Academic Bankruptcy - NYTimes.com: "What we’ve seen with California’s distinguished state university system — huge cutbacks in spending and a 32 percent rise in tuition — is likely to become the norm at public and private colleges."
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Parents and students taking out huge loans to go to expensive "prestigious" private colleges, take it from a university professor: think that over very, very carefully before doing it. Did you know that you can't discharge student loans in bankruptcy?
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"For decades, admissions offices have marketed themselves by promising a significant return on the investment in the form of higher lifetime income. But with the cost of an undergraduate degree well into the hundreds of thousands of dollars, this argument is no longer persuasive."
No kidding. Plenty of college graduates are finding their degree doesn't command much in the job market. Who wants to spend (more accurately, borrow) this kind of money to be an assistant manager at a retail store? As the article notes, clearly this isn't sustainable.
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