Students are veering away from dodgy degrees. Governments should help them—but all too often their instinct is to simply throw money at the problem
to be gloomy about the costs and benefits of a degree. In America a majority of people now tell pollsters that they think going to university is not worth it. For the average undergraduate that is far from the truth. In rich countries people who hold a bachelor’s degree earn over 40% more than those who do not. This premium has remained lofty, even as the number of university-goers has soared: some 33m people are studying undergraduate degrees across the rich world today..
Governments should seek to accelerate this adjustment in the higher-education marketplace. But all too often their instinct is to throw money at the problem. President Joe Biden wants America’s Supreme Court to approve his plan to forgive a large chunk of the country’s student debts, as a one-off. He also hopes to tweak the rules on repayment, which will make the federal loan system a bit more generous. Together these changes could cost hundreds of billions of dollars over the next decade.
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