Read more on this subject: WTF?
News Story Source: http://professorconfess.blogspot.com By Professor
When the Federal government decided to back student loans, giving them to every degree seeking student, it was hailed as a good thing, but a big mistake was made: the loans were for "tuition," not for a set amount, so colleges could charge whatever they want. Eager to make ever more money, our leaders in higher ed raised tuition to whatever felt right, and "moar" always felt right.
It didn't take long before our leaders realized that restricting admission was a problem: it was cutting into the loan money. Turning away even one student means a loss of $25,000 or more (today), and that's basically a free car for the Dean. Turning away 16 such students because of poor grades, a poor essay, or any reason, really, and now you can't get even hire a $400,000 a year diversity officer.
Now, old accreditation mandated entrance requirements, but such rules were cutting into the student loan loot, which as the
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