Public higher education in America is in deep trouble, yet top University of Minnesota officials are doing the academic version of rearranging the deck chairs on the Titanic.
Student loan debt is higher than the amount Americans owe on credit cards or car loans — and graduates (or dropouts with steep debt) are defaulting on loans in increasing numbers.
Respected economists warn that failure to deal with the student-loan debt issue could seriously harm our already troubled economy. In fairness, many huge student debts are for those at private colleges — and especially at for-profit schools.
But that debt will likely get worse. Unless Congress gets its act together, the interest on federal student loans will double in July.