McHugh on College Debt Bubble

Jack McHugh at the Mackinac Center writes:

Collapse of Higher-Ed Bubble Draws Near

While elite institutions like the University of Michigan are in a better position to navigate the transition, schools like Central Michigan University, Western Michigan University, Ferris State University and the rest of Michigan’s smaller state universities may be in deep trouble. Their massive overhangs of debt and underfunded employee pension promises are all but certain to bite taxpayers here as students and families increasingly discover alternative ways to acquire both learning and marketable credentials at a fraction of the cost of a residential college.