The Federal Direct Loan Program Fraud
The Dollars in Academia
as seen in
The Chronicle of Higher Education
where the pictures are
as good as the articlesYour Business Blogger married into a gaggle of academics. The Little Woman taught at UVA, her folks taught at SUNY Buffalo, brother-in-law is currently teaching rocket scientists at Auburn.
And we subscribe to The Chronicle of Higher Education for the (intellectual ! ) stimulation. (Click here for edukated nekked Kronicle ko-eds.)
Alert Readers will remember that we invested some 10 years and countless dollars in opportunity costs for Charmaine’s Ph.D.. So we’ve seen the academy from the inside and it is not always as pretty as the young lady pictured at left.
John Lott, Ph.D., author of Freedomnomicis, recently told me that that the higher education tenure system is all but eliminating conservatives from campus. Leaving only the commies. (Excepting, of course, brother-in-law who may have been an EEO hire.)
The only thing worse than giving those Marxists America’s students to corrupt, is to give the Marxists money. And the only thing worse than giving the Marxists money is to have the government administer the money.
The government program which handles student loans is, surprise! going broke.
The inefficient Federal Direct Loan Program, where the government lends money directly to college students, lost nearly $15 billion. Billion, with a B.
Democrats in Congress have a plan. A big government plan.
Which will fix nothing — 600 colleges and universities have dropped out of the Federal Direct Loan Program because of poor state sponsored
terrorism customer service.
The private sector is the best vector to handle the machinery of student loans. We, the taxpayers, have spent $15 Billion to prove that the government cannot do school loans.
The private market is better.