Paul Campos, who has been a keen observer of the law school scam, has an excellent article on the general bubble in higher ed. A reckoning is coming…
I’ve written elsewhere about the problem of the law school scam. Too many people are taking on too much non-dischargeable debt in order to then get law degrees that, for the most part, do not pay enough to pay back that debt.
The problem is that this debt is secured by the federal government – the debt is not dischargeable in bankruptcy, and guaranteed by the federal government – and so a 20 year old can get $200,000 in educational debt, but not $200,000 in debt to buy real estate, or start a small business. Such a situation is insane. It creates for bloated markets – lawyers with too much debt who are unskilled – in certain areas, and insufficient economic output in other areas.
The answer to this problem is that there should be no subsidy to go to law school, or higher education of any sort.