Some people see opportunity in that fact. A company called the Advantage Group in San Diego is teaming up with investment advisers and insurance agents to advise high-debt individuals on how to maximize the benefits of income-based repayment. Its business model is to take a cut of whatever those financial professionals earn, say through commissions, when those professionals persuade their debt-laden clients to set aside money to pay the eventual tax bill. The commissions would come from those professionals’ selling investments to the people who have set the money aside.
Oh good, now colleges will go the way of high schools and only teach stuff that is intended to make you employable, so they can get paid back faster. Goodbye arts and music programs! Goodbye learning any math that isn't directly applicable to calculating interest rates!
Free college education is probably the best solution to rapidly rising college costs.
Between 1975 and 2005 ... the faculty-to-student ratio [at American higher educational institutions] has remained fairly constant, at approximately 15 or 16 students per instructor. ... In 1975, colleges employed one administrator for every 84 students and one professional staffer—admissions officers, information technology specialists, and the like—for every 50 students. By 2005, the administrator-to-student ratio had dropped to one administrator for every 68 students while the ratio of professional staffers had dropped to one for every 21 students.
Forty years ago, America’s colleges employed more professors than administrators. ... Today, administrators and staffers safely outnumber full-time faculty members on campus.
[B]etween 1947 and 1995 (the last year for which the relevant data was published), administrative costs increased from barely 9 percent to nearly 15 percent of college and university budgets. More recent data, though not strictly comparable, follows a similar pattern. During this same time period, stated in constant dollars, overall university spending increased 148 percent. Instructional spending increased only 128 percent, 20 points less than the overall rate of spending increase. Administrative spending, though, increased by a whopping 235 percent.
At many schools, the Liberal Arts are subsidizing STEM.
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