On Education: Open Access to Closed Doors

In an age where everyone can go to school, where you choose to go to school matters. Things have changed so rapidly that a college education is no longer exclusive. First, thanks to the ease at which a person can apply for loans, everyone is able to spend the money on college, if they so choose. Second, unless you are trying to apply for certain scholarships or get into a prestigious school, test scores matter much less than they used to. Many schools are even trying to waive what were once standard entrance exams.

I have not done an exhaustive study on the subject of education, but I do notice that easy money has flooded the education market at an alarming rate and for an extended period of time. During this period, several things happened:

• People used student loans as a form of income during the Great Recession.
• Because of the rising number of applicants, the number of schools increased (supply and demand). Some of these schools are little more than diploma mills. (Many of them magically have costs that exactly match the G.I. Bill.)
• Education costs rise. When people are playing with borrowed money (or the are using the G.I. Bill just to get housing) they often do not think about the cost.
• A degree becomes the norm. While a degree used to mean something, it is now standard or required for a job that pays less.
• Because degrees became the norm, employers seek more exclusive degrees

Congratulations. We have created an environment of open access to education while closing the door on opportunities for the educated.