Academic Bankruptcy

Columbia University Professor Mark Taylor in a New York Times editorial called “Academic Bankruptcy” rips the current state of higher eduction in the U.S.  It’s a must read column for parents and educators.  Here are some of his statements:

“colleges and universities, as well as students and their parents, are facing an unprecedented financial crisis. . . . the skyrocketing cost of private education threaten to make college unaffordable for millions of young people. . . . There is a similarity between the debt crisis on Wall Street and what threatens higher education. Just as investors borrowed more and increased their leverage in volatile markets, many colleges and universities are borrowing more and betting on an expanding market in higher education at the precise moment their product is becoming affordable for fewer people.”