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This situation is exposing colleges as the scam that they are. Families are getting indebted up to their eyeballs, thinking are paying for education. In reality

This situation is exposing colleges as the scam that they are. Families are getting indebted up to their eyeballs, thinking are paying for education. In reality the education can be had for free. What they are really paying for is a sorting function, something that could also be had for free with national exams.

MattGaiser 7y ago
> something that could also be had for free with national exams. That just causes the money to be poured into national exam test prep like in South Korea or China.
- zarkov99 7y ago
  Some money maybe, but "the money"? Korean and Chinese families are paying 250K per kid in test prep?
  - MattGaiser 7y ago
    It wouldn't be 250K USD due to lower incomes, but the average South Korean family spent 20% of their income on test prep and private tutoring back in 2011. Anecdotally, a friend in China is talking about his future with his girlfriend and they are looking at around that figure as well if they have kids. https://www.washingtonpost.com/world/s-korea-tries-to-wrest-control-from-booming-private-tutoring-industry/2011/01/12/AFNXQfXC_story.html https://www.washingtonpost.com/world/s-korea-tries-to-wrest-... http://content.time.com/time/magazine/article/0,9171,2094427,00.html http://content.time.com/time/magazine/article/0,9171,2094427... https://www.scmp.com/news/china/society/article/2176377/chinese-parents-spend-us43500-year-after-school-classes-their https://www.scmp.com/news/china/society/article/2176377/chin...
    - zarkov99 7y ago
      Its a lot more than I expected. Thanks for pointing this out.