As it has been reported recently by The Chronicle of Higher Education, some colleges have started to slash their tuition. The following quote are taken from the Chronicle.

[start quote] ”Betsy Fleming, channeling the late management guru Peter Drucker, says there are two crimes in business: Pretending to cost more than you do, and buying customers. “Colleges are in the business of doing both,” says Ms. Fleming, president of Converse College, a women’s institution in South Carolina. “We are not going to do that anymore.”
Last month Converse became one of the latest institutions to announce that it was going to slash its tuition, of $29,124, which no one paid anyway, and “reset” that price down 43 percent to $16,500[end quote].

This self-admitting statement confirms four mistakes: (1).  Yes, colleges have recklessly in their tuition-pricing decision; (2). Yes, colleges are managed based on inefficiency paradigms; (3).  Yes, colleges have committed business crimes in the past; (4).  Yes, colleges are to blame for the whole students loans crises that have happened in the country.

Therefore, it is only fair game if the college administrators PLUS the SCHOOL BOARD members to morally apologize to the American public and their graduates for much of the pains and financial burdens that they have caused.  They need to give the money accumulated from the overpriced tuition back to the taxpayers, students and their family.

Share with us what you guys have in mind.