"Speak Out" is an expression of opinion from the Editorial Board of WBTV, and is presented by General Manager, Nick Simonette.
Here's something you may not know: at $1 trillion, student loan debt in the US far exceeds that of consumers, including credit card debt.
This gusher of student loan money flowing through the "education landscape" is the key factor in the super-inflated cost of today's college education.
These funds pay for faculty, administrators, buildings…and support the hyper-competitive research market.
Faced with state budget cuts, many universities continue to raise tuition rates, despite a sputtering economy.
In the case of UNC - Chapel Hill, an increase of nearly 16% was approved in November.
But let's get back to that $1 trillion student debt.
It's the white elephant in the room.
Many students today borrow money to attend school and major in subjects for which there is no marketplace demand.
Some of the "Occupy" crowd fall into this category.
With so much combined debt and so many educated in fields that provide no opportunity for real work, we're concerned the student loan bubble could be the next to pop.
Rather than teaching kids, money seems to have become the driving force in the "business" of education.
And when universities are more focused on tuition dollars than preparing students for productive lives in today's economy, we all will pay the price.
Tell us what YOU think. SpeakOut@wbtv.com.
