As an adjunct professor, I have long thought the educational system is seriously dysfunctional. Students have little incentive to perform because they are insulated by the true cost of their education by their parents, the government and the taxpayers.
I say as much to the students, a number of whom are doing "do-overs" of their failed (drunken) first try at college some years ago.
The unintended consequence of all this helping in cheap credit and "free financial aid" by the government is out of control tuition inflation. Yet another distortion of the market in the name of creating opportunity.
Glenn Reynolds makes the case more eloquently than I could hope to in this piece today about the effects of cheap credit and mounting educational debt.
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