In an age where every academic institution is called a "university" and every person leaving school is expected to have a "degree" in order to flip burgers, don't be surprised that student debt is so high.
For why?
They have to pay for yacht owning vice chancellors, as per the FT:
"Prof Holmes, vice-chancellor of the University of Bolton, who drives a vintage Bentley Continental, also has a 30ft yacht moored on Windermere and believes academics should not hide their wealth.I am so old that I remember a time when there weren't so many universities, nor students and zero student debt (apart from the debt between parent and student!); because there weren't university fees, and students were awarded a means tested grant.
“I have had a very successful career. I hope students use their education to get a good job and then they can have a Bentley. Do you want to be taught by someone who is successful or a failure?” he said.
Prof Holmes’ taste for luxury is partly funded through an inheritance from his father, a property developer, but he also earned £222,120 in 2016, up from £202,500 the year before."
Less is more!
Visit The Orifice of Government Commerce and buy a collector's item.
Visit The Joy of Lard and indulge your lard fantasies.
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...and I am so old that I remember that academics didn't expect to become wealthy.
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