Arizona is home to three state universities: Northern Arizona University, Arizona State University and Arizona State University – all are outstanding and have served our state well. I know that they are continuously looking for ways to improve their completion rates and finding creative ways to make a college education more affordable in these difficult economic times.
Arizona is also home to a growing number of private colleges and universities. Most of them are run as a for-profit business and spend about a quarter of their budgets on advertising and recruiting. Additionally, they get upwards of 70 percent of their whole budget from student loans backed by the federal government (which means tax dollars).
The default rate is twice as big in the private universities than public. We should all become more aware of just where our precious tax money goes. A defaulted student loan of thousands of dollars with no matching degree is shameful, yet the balance sheets for these private universities are growing. It’s a shame that there is so much waste in these institutions.