Universities are single handedly ruining the economy. By charging students an exuberant amount of money to attend their schools, they are putting the young adults of each generation into mountains of debt.
This crippling weight is brought upon our young people at such a pivotal age in their lives. What is worse is that we are encouraged to do it from everybody we know. I had to fight tooth and nail to avoid the pressure from family, and yet I still get it from random people at work and my grandmother. The problem is that it is NOT worth it anymore.
I would argue that maybe if you're a doctor or lawyer, and you HAVE to have a degree for those, but is it worth ten years of your life to medical school? Debatable.
Schools compete for the student's tuition money, and so they constantly upgrade their amenities. Schools went from being a place of gaining knowledge, to the "pleasure island" as per the video ^ said; which allowed kids to put off becoming an "adult" for just a little bit longer.
The Illusion of College as a Human Right
While I'm all for free college, it should still be worked towards, and someone should have proven themselves in some capacity. Even if it is as simple as test of "college readiness" or something.
In the 60's there was a change in the world of voting and politics, with the advent of the younger generation gaining the right to vote. There was a whole new populace for politicians to win over.
College and education became something that was used as a propaganda technique for politicians to garner young people's votes. Thus the rise of the student loans being granted out to more and more young adults.
Then the demand for going to school started to go up, as they were now able to go to school. When financially they may not have been able to before.
The Exponential Rise in Cost
The change in how loans were handled midway through the 20th century allowed for colleges/universities to increase their prices tenfold. Let alone the value of the degree going down, as more and more people started to have them by the 21st century.
"Education is a racket, I mean most people will never recoup the cost of a college degree."
When I was growing up it was talked about "oh you SHOULD have a college degree", and once I got into high school it changed to "Well if you don't have one, then you aren't going to be successful". Now for the newer generation of kids they are told "if you DON'T get a degree, then YOU WILL NOT be successful at all.". It has really come down to the point of a gun being pointed to your head by society.
Most advanced finance oriented people, think like Rich Dad Poor Dad kind of thing, they all say that debt is good. If you owe debt, then you can get around taxes. A crudely oversimplification of their lessons, but what they are referring to is more of an investment debt. Such as real estate, or something of that nature.
When you put yourself into student loan debt you are trapped. It cannot be forgiven (unless something dramatic happens at the whitehouse), and you cannot declare bankruptcy. Even if it is causing you utter misery under the weight of the financial strain.
Meanwhile all schools across the board have been dramatically increasing tuition prices, and adding fees to every little thing. Making a degree that once cost 10K, is now 100K.
There Needs to be Accountability
If schools focused on the prolonged success of the student, say perhaps there was a law that dictated students should be able to get a job in their degree's field; Then the schools would be responsible for helping that student across the gap from education to employment.
Yet there is no such law, and students are stuck in this endless loop of debt, and a lack of income from not being able to find a job. Even in this "Great Resignation" where there is an extreme labor shortage. People are not able to find jobs that revolve around their line of work.
I'm not even gonna get into the greediness/shadiness that is endowments. For now just keep in mind that colleges/universities are not places of learning. They are businesses pure and simple. You are the commodity.