Home
/
RELIGION & LIBERTY ONLINE
/
The Pin that Might Pop the Higher-Ed Bubble
The Pin that Might Pop the Higher-Ed Bubble
Jan 21, 2026 8:42 AM
mented last week on the “textbook bubble” (here) and mented in the past on the “higher-ed bubble” and the character of American education more generally (see here, here, and here). To briefly summarize, over the last few decades the quality of higher education has diminished while the cost and the number of people receiving college degrees has increased. The cost is being paid for, in large part, through government subsidized loans. But with the drop in quality and increase in quantity, a college degree is not as impressive as it used to be; in many cases it no longer signals to employers what it used to. When a critical mass of those loans goes into default, we will have another housing-bubble-esque crisis on our hands. At the same time, government loans, which are largely indiscriminate with regard to the risk of the applicant and guaranteed on the backs of taxpayers, have incentivized colleges and universities to raise the costs to students for the sake of increased expenditures, inflating the bubble even more. Now, Alex Williams of The New Times reports last Friday,

The idea that a college diploma is an all-but-mandatory ticket to a successful career is showing fissures. Feeling squeezed by a sagging job market and mounting student debt, a groundswell of university-age heretics are pledging allegiance to new groups like UnCollege, dedicated to “hacking” higher education. Inspired by billionaire role models, and empowered by online college courses, they consider themselves a D.I.Y. mitted to changing the perception of dropping out from a personal failure to a sensible option, at least for a certain breed of risk-embracing maverick.

An increasing number of students are realizing that they, to quote Good Will Hunting, do not want to be $150,000 in debt for an education that they could have gotten “for a $1.50 in late charges at the public library.”

Now, of course, not everyone can be Steve Jobs or Mark Zuckerberg or Will Hunting, and not every career can do without higher-ed (I would not want a physician with a D.I.Y. education, for example). But for the many careers that have e to expect degrees, the enterprising activity of those who are passing on college to get an early start on building invaluable experience, connections, and hands-on knowledge without tens of thousands of dollars of debt from the starting gate may signal that the tides are changing for higher-ed. If more and more people prove to be just as marketable without a degree and have the experience to prove it, won’t employers catch on soon enough, rendering many degrees to be more useless than they already are? Is this the pin that will pop the bubble?

Well … maybe. In all likelihood, if the bubble pops a variety of factors will be to blame. And while I certainly do not think economic crises are good things, the hardship that e if our society’s attitudes and practices toward debt do not change—whether toward school debt or otherwise (such as credit card debt or government debt)—may be precisely what we deserve for making unsustainable promises to whole generations that are proving to be more akin to Ponzi schemes while, at the same time, refusing to make the hard choices necessary to prevent ing of such a crisis. No economic crisis e that is not also moral and spiritual at its heart, and the popping of the higher-ed bubble will be no exception if—or more likely when—it happens.

For my part, I love higher education and hope for the best. On the other hand, I also love my generation and believe that we have a moral duty to do what we can to prevent future generations from ending up with such large debt and diminished opportunity as Millennials have inherited. If enough of these “risk-embracing maverick[s]” prove successful, not only will another path be open for many who struggle with whether or not college is worth the cost for them, but the enterprise of today’s “university-age heretics” may prove far more effective than college degrees in creating the wealth and jobs necessary to e any crisis that the future may hold. The fact that a growing number of intelligent young people are willing to take such entrepreneurial risks, though bad news for higher-ed, is good news for our society as a whole and ought to be ed, even encouraged.

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
Still not Beyond Petroleum
Here’s OpenMarket: Plain and simple economics — not the alleged machinations of Big Oil or Congress’s unwillingness to put a price on carbon – explains why America remains dependent on petroleum. We are still not beyond petroleum. In fact, we’re quite a ways away. ...
Subsidiarity in New Jersey
A little while ago, and in the context of the health care reform debate, Sam Gregg observed in this space that the American Catholic hierarchy had, to the detriment of church and country, neglected the importance of subsidiarity. Now, Deal Hudson at argues that New Jersey Governor Chris Christie is practically going about what the bishops have theoretically ignored. Of course Christie doesn’t invoke the principle explicitly, but Hudson sees the idea of subsidiarity at work in the governor’s proposals...
Fair Trade: Rhetoric and Reality
The NYT Freakonomics blog notes that the Fair Trade movement does not exist independently of the laws of economics: But the problem with Fair Trade coffee is that as the program scales up, the alternative market ethics it wants to sustain collapse. Inevitably, the Fair Trade market es subject to the same laws that drive the modities market. When the price of coffee drops, the appeal of Fair Trade’s price support lures growers into the cooperatives that sell coffee under...
Spiritual Labor and the Big Spill
mentary this week touches on the spiritual and cultural significance of the largest U.S. oil spill in history. I was a resident of the Mississippi Gulf Coast for 11 and a half years. I worked in the Gulfport district office of U.S. Congressman Gene Taylor (D-Miss) before leaving for seminary. I was a Katrina evacuee and returned to see unbelievable decimation. It reminded me of the pictures of Hiroshima in textbooks after the dropping of the nuclear bomb. I always...
Gregg on Gold: The Moral Case
The extent and persistence of the global economic and financial crisis has caused many people to start asking if there is any alternative to the current monetary system of fiat money overseen by central banks which enjoy varying — and apparently diminishing — degrees of independence from politicians who seem unable to resist meddling with monetary policy in pursuit of short-term goals (such as their reelection). Most arguments about the respective merits of fiat money, private money, or the gold...
Stop! Think! Go!
Wired magazine had a lengthy feature in 2004 on a new brand of transit design, specifically the kind that eschews signage and barriers, preferring instead more subtle signals. In “Roads Gone Wild,” Tom McNichol profiles Hans Monderman (now deceased), “a traffic engineer who hates traffic signs.” Monderman’s point of departure is that human interaction (e.g. gestures, eye contact) are preferable to explicit signage or signals that indirectly excuse us from conscious concern about our fellow travelers. “The trouble with traffic...
God, Gettysburg, and Sins of Omission
There’s a reason why history is important. History is about knowing the truth about our past and therefore about ourselves. Not surprisingly, those who meddle with it usually do so from less-than-noble motives. In the latest edition of First Things, Princeton University’s McCormick Professor of Jurisprudence Robert P. George suggests that the American Constitution Society for Law and Policy has been the latest to attempt to re-write – or, more accurately, erase – history by reprinting Lincoln’s Gettysburg address and...
LWF General Assembly Underway
Today marks the opening of the 11th General Assembly of the Lutheran World Federation, held this time in Stuttgart. Today is also the 66th anniversary of the failed Stauffenberg assassination attempt on the life of Adolf Hitler. There will be much more on the LWF assembly and it social witness in ing days. The assembly’s theme is, “Give us today our daily bread,” and the meeting promises to focus on hunger issues. I’ll be paying special attention to the engagement...
Europe’s Choice: Populate or Perish
Also this week in Acton Commentary, Acton Research Director Samuel Gregg observes that “Europe’s declining birth-rate may also reflect a change in intellectual horizons.” Europe’s Choice: Populate or Perish by Samuel Gregg D.Phil. If there is one thing the global economic crisis has highlighted, it’s the need to make choices—sometimes very difficult choices. At the June G-20 summit, for example, several European governments made it clear to the Obama Administration that they do not believe you can spend your way...
Review: Somewhere More Holy
In Somewhere More Holy, Tony Woodlief offers a serious account about tragedy, God, family, and grace. He also spins a great spiritual yarn which can move you from laughing to tears in mere moments. One of the strengths of this book is that it is not another bland self help book that promises “Your Best Life Now.” I’ve always wondered anyways about Christians who do not even realize their best life is in Glory. This is a very honest confessional...
Related Classification
Copyright 2023-2026 - www.mreligion.com All Rights Reserved