"Obama is Right: The Cost of Higher Education is Unsustainable"

More from Laurie Essig's blog in The Chronicle of Higher Education:

'It’s time to return to the basics of educating young minds as best we can with the money we have. I say let the higher ups go find jobs in the for-profit world that they have tried to impose on academe. Let the student-life folks go work in social services outside the university. Let the weeds grow and the paint peel. And let’s make higher ed about educating young minds with the money we have and not the money they borrow.'

The universities are incapable of reforming without an ugly implosion. University presidents have become like bank presidents, and their 2007-like meltdown is on the horizon. Some will go out of business as many prep schools did during the 1970s. Others will merge. But something has to happen because middle-class families no longer believe that borrowing $50,000 or more to obtain a bachelor's degree makes sense.