By: Tonya Mead, CFE, PI, MBA,MA Educational Psychology
$7 billion dollars awarded over 7 years ($4.6 billion by 2012) to k-12 public school systems for school improvement did not result in significant increases in the academic performance of students attending struggling schools.
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Exorbitant spending on the higher education side is not without notice. The federal government guarantees about 90% of the $1.3 trillion of student loan debt as estimated in August 2016, by Investopia [1]. Richard Vedder, an Ohio University economist speculated that for every dollar of grant funding for higher education, university systems increase tuition by 35 cents [2]. Similarly, a New York Fed study found that for every dollar obtained in direct and subsidized loans, tuition prices are raised by 65 cents. For every one dollar granted from Pell federal funds, tuition increased by 55 cents [ibid].
Tonya J. Mead, CFE, PI, MBA, MA, Certified K-12 Administrator and School Psychologist is author of Fraud in Education: Beyond the Wrong Answer and president of Shared Knowledge, LLC http://ishareknowledge.com
Sources:
1.“College Aid Means Higher Tuition,” Wall Street Journal, Review and Outlook Section, 20 July, p. A14 , 2015
2.S. Ross, “Who Actually Owns Student Loan Debt?” Investopia, 12 August, 2016. Available: http://www.investopedia.com/articles/personal-finance/081216/who-actually-owns-student-loan-debt.asp
