Welcome to the Thursday April 26th episode of Cato Daily Podcast. I'm Anastasia Globa. How much did you pay to get

through college? Apparently, too much, according to Cato Education Policy analyst Neil McCluskey.

New York State Attorney General Andrew Cuomo testified yesterday

before the House Committee on Education and Labor about his nationwide investigation

into widespread corruption in the student loan industry and accuse the Department of Education

of being asleep at the switch.

But according to Neil, that's not even the half of it.

New York State Attorney General Andrew Cuomo testified yesterday about abuses in higher education.

What has he uncovered?

Well, what he's discovered is that there are a lot of different deals that go on between colleges and lending

companies. One of the biggest ones is that college will put a company on its preferred lender

list and in exchange for, you know, sometimes it's meals. that's actually even more scandalous things than that including that

Department of Education officials who were supposed to be overseeing these

companies were overseeing companies in which they also held stock. His findings

have revealed that if you see an FTIA crefe ad you're

told that everybody in higher education is working for the common good and is

totally selfless and the reality is they're not and so student aid officials have been

working with companies in their capacity as school officials that they also

held stock in and what we see is that pretty much everybody's out to make

a buck for themselves and the idea that they're here just for the common good is really

inaccurate.

Is that what's causing runaway inflation in college costs?

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