2013/01/25 by lingdecklee
My quick answer to this question is: if venture capital can’t, then no one can.
Venture capital is perhaps not the only solution, but it is by far the best solution for a massive problem like this. Capitalism and public goods like education are probably a mix not welcomed by some people, but if we look at what impetus VC has provided for the biotech and cleantech industries so that the latter two can in turn help solve some serious global issues, we must at least give VC a chance to try and fix our dysfunctional educational system (Or do you prefer to rely on the government system to fix it? Haven’t we given them enough chances?). Besides, to a lot of VCs and entrepreneurs, it is not always about money.
So what problem is being solved here? The soaring student load debt, which in the USA, has “exceeds auto loans and credit-card debt”. Who is financing the loan? The government. I bet a lot of students eventually can’t repay the loan for one reason or another, otherwise such debt wouldn’t have soared. Is the government capable of solving this problem? Obviously not.
What is the solution? What if the college courses can be offered at a much much cheaper cost, to the extent that the students don’t even need to borrow to attend college? And what if these courses have the same learning quality as those taught inside the classrooms and are therefore given accreditation which can be relied on by the employers? Distance learning and online learning have been around for years; it is time the society gives them more credit than is the case now.
Here is the article that started this blog:
Imagine if we can solve the student loan debt issue this way through hacking the learning process, what other major national issues we can also solve in like manner?
The moral of the story: if you wan to solve a problem, go to its core.