Student debt bailout pays for hot tubs, spas, rock climbing walls, steaks, and movie theaters

By Daniel Alman (aka Dan from Squirrel Hill)

August 26, 2022

According to the U.S. Bureau of Labor Statistics, between 1980 and 2020, regular inflation has caused average prices to increase by 228%. However, during that same time period, college tuition has increased by 1,184%.

Source for image:

college tuition inflation

And what are colleges doing with all this extra money?

Forbes wrote:

The College Amenities Arms Race

A free movie theater. A 25 person hot tub and spa with a lazy river and whirlpool. A leisure pool with biometric hand scanners for secure entry. A 50 foot climbing wall to make exercise interesting. And a top-of-the-line steak restaurant with free five course meals.

This isn’t a list of items from a resort brochure. They’re facilities you can find on a college campus. And with college construction costs rising, it could be the best four-year getaway you’ve ever had.

In “Country Club as College,” a paper published last year, University of Michigan researchers examined college financial consumption against enrollment.

“We found that the lower ability students and higher income students have a greater willingness to pay for these amenities,” says Brian Jacob, a researcher from the University of Michigan. “The more academic, high achieving students cared about intellectual achievement.”

In other words? Harvard University might not spend approximately $700 million to renovate their campus, but High Point University would. Under the leadership of President Nido Qubein, High Point’s campus has grown into a collegiate theme park, complete with plasma televisions in dorm rooms, a free movie theater, and steak restaurant.  And their five-star, country club accommodations have made the percent admitted decline from 86.1% in 2002 to 64.2% in 2012.

The University of Iowa has an estimated $53 million campus recreation center, complete with an 18 foot diving well, bubble benches, and lazy river. Texas Tech University has a veritable water park in their backyard. California State University, Fullerton has a 30 foot rock wall. And California State University, Long Beach has a $70 million wellness center with hand scanners for secure entry.

So the real problem isn’t a lack of bailout money. The real problem is that colleges are spending money on frivolous luxuries that have nothing to do with education.

Bailing out student loans doesn’t address this problem.

On the contrary. The bailout only gives colleges an incentive to raise their tuition even more.

August 26, 2022. Tags: , , , , . Economics, Education, Government waste, Social justice warriors, Student debt bailout.

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