letters | poor students, rich administrators

Colleges to blame for rising student debt

ROBERT L. CARET pines for the 1970s, when a “shared-responsibility social contract prevailed in the world of public higher education.’’ Since 1970, education subsidies have continued to increase; it’s just that they can’t keep pace with the rising costs of an inefficient, rent-seeking education establishment. Government subsidies and the student loan program lure unprepared, unmotivated students to college, allow overpaid administrators to expand their budgets and turf, and force the public to “share the responsibility’’ through higher taxes and skyrocketing college bills.

It’s the predictable result of the “social contract’’ - the demand for the socialized product grows faster than the supply, costs go up, and then the beneficiaries ask for more money.

Grant W. Schaumburg Jr.