3 ms·
Where did the money go? To the academic establishment (USC in this case): tenured professors, deans/administrators, etc. Where did the money come from? The US t
by cahomeown456 8y ago
Where did the money go? To the academic establishment (USC in this case): tenured professors, deans/administrators, etc. Where did the money come from? The US taxpayer.
The whole rotten system is a thinly-veiled massive government subsidy to the higher education industry. In addition there's a weird incentive structure for students where you either minimize loans to a reasonable amount (increasingly difficult), or you go all-in and borrow such an extraordinary amount that is impossible to pay off in any reasonable time. Then in 20 years, it's all "forgiven" and the US government covers the balance. There is no way for this to be sustainable in the long term.