Video: Steve Forbes on college tuition
It's not so much an oversupply of people who have an education. There's always a need for people who have a real education. The real bubble is in tuitions, which have been going up at twice the rate of health care, four times the rate of the general price level for years. And parents are asking, "what are we getting in return for all this money we loaned, all this debt we take on," and the answer is less and less. So, I think you're going to see a real revolution ... overused word, but I think it's going apply in higher education the next 10 or 15 years. Where, instead of taking four years to get your undergraduate degree you're going to do it in three. Take maybe five or six weeks off in the summer and go through ... that would cut costs enormously. If you want an advanced degree, you'd do it in four years instead of five or six. And it's imminently doable. And the government, perversely its policies help create higher tuitions by providing aid to students and the like. What happens when the kid gets the extra money? The university just jacks-up the tuition fee…so you're on a treadmill and the treadmill is winning. So, we've got to change that and I think you will see ... more and more ... a real focus on, " ok college or university, what are you supplying and is it worth the investment and sacrifice we make to provide those resources to you?"