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Today's @bopinion post is a case against the absolutist idea of free college, but it's also a defense of a lot of the policies that are now being called "free college".
So, let's look at some of the details of what "free college" might mean.
bloomberg.com/opinion/articl…
So, let's look at some of the details of what "free college" might mean.
bloomberg.com/opinion/articl…
Suppose you tried to make college free just by subsidizing it.
Well, that wouldn't turn out too well. Colleges would just raise the price! Just like they did when we offered everyone cheap student loans.
Well, that wouldn't turn out too well. Colleges would just raise the price! Just like they did when we offered everyone cheap student loans.
But if you do price controls, you could very quickly end up reducing quality, especially at top state schools.
Price controls for college could also hurt university research.
People think of college mainly as education, but university research is equally important.
People think of college mainly as education, but university research is equally important.
Finally, putting price controls on college would create a lot of benefits for the rich, and potentially could even hurt the poor.
OK, so what if we do both subsidies AND price controls? Increase state funding in exchange for tuition reductions?
That's definitely better than either subsidies-only or price-controls-only. But that approach still has some major problems.
That's definitely better than either subsidies-only or price-controls-only. But that approach still has some major problems.
So instead, I suggest a targeted approach.
We need to expand educational and economic opportunity. We need to make the education system less regressive. We need to do something about the inequality problem:
We need to expand educational and economic opportunity. We need to make the education system less regressive. We need to do something about the inequality problem:
We should increase need-based financial aid, and replace loans with grants.
Some states are already moving in this direction.
theatlantic.com/education/arch…
Some states are already moving in this direction.
theatlantic.com/education/arch…
We should make community college free (with a combination of subsidies and price caps).
Some states are already moving in this direction.
politico.com/states/califor…
Some states are already moving in this direction.
politico.com/states/califor…
We need to encourage cost control measures and increase federal research funding.
Sometimes, big bold policy ideas are better than smart technocratic solutions.
But college costs are one of the areas where smart technocratic solutions are much better. We can and should have cheaper college, especially for lower-income kids.
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bloomberg.com/opinion/articl…
But college costs are one of the areas where smart technocratic solutions are much better. We can and should have cheaper college, especially for lower-income kids.
(end)
bloomberg.com/opinion/articl…
