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Could Decentralizing Academic Accreditation Save the Country?
We currently have about $1.5 trillion in total U.S. student loan debt. That is on par with the housing financial crisis. 44.2 million Americans have student loan debt. That’s about 21% of the adult population. Additionally, over 11% of them are more than 90 days delinquent in their loan repayments. Why are American falling further and further in student debt every year? We have an absolute explosion in the supply of high quality educational resources. You would think that if the supply went up, the prices should come down. Are there any constraints that are keeping the supply of legitimate educational services from entering the market?
The answer is yes. In most states, it is illegal to “offer degrees” without being accredited “by an accreditor recognized by the DOE.”
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