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• W187813006 abstract "INTRODUCTION While mingling with an old high-school friend--let's call him Troy--at a wedding recently, conversation took an unexpected turn. I asked him how his work at local grain elevator had been going; he retorted that it was great, aside from $600 monthly remuneration he was paying in college loans. After inquiring about how much longer he would be making these loan repayments, he despondently answered, the rest of my life. Troy spent more than three years at a large state university in Ohio, but, feeling as if he never truly belonged, dropped out with nothing to show for it except tens of thousands of dollars of debt and nearly four years of his life seemingly wasted. The prospect of insurmountable education debt, unfortunately, is one that plagues thousands of individuals across country--degree in hand or not. (1) Many of these dejected souls echo similar tales of peer, parental, and societal pressures, encouraging them to pursue illusion of American Dream, where everyone goes to college and no one has to do manual labor. Unfortunately, with economy still reeling from credit crisis and college enrollment at an all-time high, a large portion of those entering--or at least attempting to enter--the workforce will face same fate as Troy. While this predicament may be easy to dismiss as merely a negative effect of current economic crisis that will eventually equilibrate, it is more likely that crisis has exposed a larger problem with our educational system--the proliferation and devaluation of higher education, colloquially known as massification of higher (2) While a more educated populace is a noble goal, overeducating comes at an expense, and politicians and policymakers must weigh benefits against costs in ascertaining ideal amount of education. (3) This Note will attempt to expose a few of myriad problems created by over-education phenomenon and offer some suggestions on how to deal with them without major social conflict. (4) First, Part I will begin with a brief introduction and rundown of statistical trends in educational attainment in United States. Part II will then detail history of higher education policies--political, societal, and economic--which affect Americans' educational choices. Next, Part III will explain serious side effects these policies have created--including, increasing education costs, lower wages for workers, and higher unemployment. Part IV will then explore a potential solution, as well as suggestions proffered by others, to diffuse this delicate situation with some not-so-delicate ideas, including changing high school curriculum and restricting federal student loan program. Finally, Note closes with some concluding remarks. I. TRENDS IN HIGHER EDUCATION It is instructive to begin with a short summary of educational achievement trends in United States. Americans today are more educated than they ever have been in past. (5) A study by United States Census Bureau in 2010 revealed that of adults between ages of twenty-five to thirty-four, 31.1% had attained a bachelor's degree. (6) In early 1950s, this number was in single digits. (7) The study also found that for adults twenty-five years and older, percentage with high school degrees and percentage with bachelor's degrees were both at all-time highs. (8) Similar trends are present across all genders, (9) races, (10) and socio-economic backgrounds. (11) Over past few decades, there has also been a major increase in cost of higher education. From 2002 to 2007 alone, cost of attending a public four-year university shot up thirty-five percent, outpacing inflation over same period by a significant margin. (12) In fact, between 1976-77 and 1986-87 academic years, average annual inflation-adjusted increase in public four-year college . …" @default.
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• W187813006 date "2013-02-01" @default.
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• W187813006 title "The Pyrrhic Victory of American Higher Education: Bubbles, Lemons, and Revolution" @default.
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