Comment Of The Day: “Robert Bowman Redux, Times Two, But Ohio’s Nicer Than New York”

And now for something completely different, or at least not involving pandemic freakouts or politics. Isn’t that refreshing?

Reacting to the tale of the aspiring Ohio law grad with over $900,000 in student loan debt, Chris Marschner offered some guidance on how to look at student debt.

Here is his Comment of the Day on the post, Robert Bowman Redux, Times Two, But Ohio’s Nicer Than New York:

I would suggest a different approach. Instead of financing students’ education, we begin allocating funding that gives preference to programs that develop talent. This is not to say that if a person truly wants to go into some esoteric field that may have little market value they cannot do so.

I only mean that those programs should not be subsidized, to keep tuition down as we could use those funds for those in programs of study that in fields that are graduating too few to keep pace with demand for those fields.

We always seem to approach labor cost issues from a demand management side instead a supply side. What if government subsidized the cost to become a medical doctor, engineer or scientist to equilize the cost of those programs to equal the upfront costs of an MPA, MFA or MBA. I would have no issue if the baseline subsidy rate was the cost associated with obtaining a quality Liberal Arts degree that included proficiency exit exams in math, science, reasoning, English and foreign languages.

We do not need thousands of General Studies majors that require no organized program of study. If you want to get a degree in Gender Studies or “Sports Management,” go for it— but don’t ask to have taxpayers subsidize it by guaranteeing your student loans and a reduced interest rate when the market for such occupations is relatively minute. Continue reading