Sunday, January 26, 2014

You need to borrow $20,000 to pay for your neighbors university education

One of the many benefits of quantifying things is that it creates opportunities to make connections that might not otherwise be made. From Financial Aid Puts a Squeeze on the Middle Class by Walter Russell Mead. The issue is the funds extracted from middle class families to subsidize the poor seeking a university education. Most people agree on the goals (allow everyone capable, to achieve their highest level of academic achievement), it is the means that are in dispute.
Mr. Twedt earns about $90,000 as a manager in an insurance office, and his children don’t qualify for federal aid. He estimated the set-aside program would cost his family about $20,000 through four years of college. He expects each of his children will graduate with about $25,000 in student loan debt.
It is that juxtaposition of numbers that creates insight. The net of the existing system is that a middle class student has to take out a $20,000 loan to pay for the education of a poor student. Greater love has no man than to be compelled to pay for the education of his neighbor. Or something.

I don't think the current system is long for this world but who knows what quite will replace it.

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