1.We should provide free online college education to the world.
a. We should go to very major university and find the best professor in each area of study.
b. We should not charge people to get the education but charge them to take a test to get credit for having passed the course
i. This would allow them to get a degree from this university.
ii. The test must be graded and require a real understanding fo the material to pass so that a degree from this university is highly regarded throughout the world.
iii. We should charge them about $300 per course for the test. This would be about what I paid 50 years ago to the University of Maryland
- 50% should go to the university of the school where the professor work
a. I would like a portion of that to go to the professor for being selected as the top of his/her profession - I would like the schools to include Harvard Yale Stanford and Princeton. It should include all the top universities in the United States. I want this education to be looked at as a very high quality degree.
a. The schools will now have access to 5 billion people not just 350 million in the United States. This should result in a financial windfall for the universities
b. It should not have any adverse impact on enrollment since people will still want to go to Universities for the prestige of getting a degree from places like Harvard as well as college experience.
- We shod limit the amount people can borrow based on their major. College tuition has risen to $50,000 per semester because students can borrow $50,000 per semester.
a. This created high risk loan with an outsized chance of default.
b. This creates systemic risk and an increased chance of default. No bank would underwrite and approve a loan for $50,00 per semester for an art major. It is only because the government guarantees these loans that they are available.
c. If we lower the amount students can borrow it will lower the amount universities ill charge for tuition.
