In a previous life, I worked in sales. But not just your everyday, run-of-the-mill brand of sales: I worked in a sleazy industry that championed predatory lending practices and distorted the pricing of its lackluster product, which often sent my clients spiraling down a rabbit hole of debt. And to make matters worse, this entire enterprise was buoyed by your tax dollars, so—regardless of macroeconomic patterns—this dubious marketplace remains untouchable.
What was this ethically questionable industry? I worked in higher education.
More specifically, I worked in college admissions and financial aid. Many of my former admissions colleagues and peers—all of whom I consider to be good friends—probably take offense to how I characterized their livelihood, but I would have too back in the day, when I was in the thick of it.
I took pride in my work, but it was taxing (pun unintended). I spent nearly one-fourth of my year on the road—living in hotels, visiting high schools, attending college fairs, and pitching my school as the place to be for unsuspecting 17-year-olds.
The gig was not only physically exhausting, but also morally. What once seemed like an altruistic mission—helping the young people of today become the leaders of tomorrow—transformed into a much more realpolitik mindset. Slowly, I realized my job wasn’t to empower young people, but to get them and their parents to commit to paying a very large sum of money—either by cash or credit—for a little piece of paper that continues to diminish in value.
I always considered myself to be on the up-and-up with the families with whom I worked. I never lied to my students or their families. I always represented my institution truthfully. I always worked hard to get them the most “bang for their buck.”
However, it didn’t matter how ethical I behaved as an admissions counselor; the entire system is broken. Moral hazard has run amok in the college system.
After a few years, I came to the unfortunate realization that I was no better than a car salesman.
What follows are just a few reasons why car lots behave more ethically than colleges and universities …
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Jay Stooksberry, Foundation for Economic Education
