In an interview with CNN’s SE Cupp, Dallas Mavericks owner, venture capitalist, and Shark Tank star Mark Cuban voices his opinion on why college is so expensive, and how we can make it more affordable for those who think a college education is the right path for them. Cuban notes that students who go to college and take on debt are severely limited in their options later in life (an observation echoed here), and that it is actually student loans and grants that work as the main agents of higher tuitions.
The biggest drain on our economy today is student debt.
Put a cap on student loans, and you will find college affordable for everyone very quickly. There may be fewer, more efficient and more targeted schools, but it will be more than supplemented by customized education.
The primary problem with going into debt for a college education can be found in it’s one-size-fits-all nature, and inability to actually prepare candidates for jobs in the real world. Even those who think college is an investment (hint: it’s not) usually concede that it cannot do for young people what a few months or a year on the job market can do.
Richard Branson, Virgin Group Founder and CEO and dropout, has also put the currently bloated higher education system in his crosshairs, writing on his blog in 2012:
Courses for most subjects need to be slashed in half so that students can get out into the real world quicker with less debt and the ability to start earning.
Until any such reform comes, students are caught in the difficult position of choosing between taking on an extravagant amount of debt, going to a school and getting an education that doesn’t really fit their needs, or not going at all. As more and more solutions, like Praxis, come along, this decision will become easier for students, giving them more options for future growth with less social stigma. That’s what we’re trying to do here.