It's a scheme, and it's predatory, but I wouldn't label it a "pyramid scheme". A higher education racket share's similar characteristics in that they're making people take on debt and pay out of pocket for the school's financial benefit without actually giving people what they want out of an education, which is a track to a career. But it isn't a multi-level tiered system where people on top take advantage of people below them, there's just the university and then the students, but I digress.
I don't put all the blame on the education system, after all it's many of the students who taken on educational pursuits that lead to dead ends and it's not entirely the fault of the university. Lots of students go straight from high school to college without an idea of what the working world requires of them as far as skills and education requirements. When I was in school people didn't really have goals of what they wanted to be and just ended up taking various courses in what interested them, then by junior year they'd just fast track to the quickest or easiest degree possible without any thought to the consequence of what career (or lack thereof) that education might lead to.
Schools are also cheating students out of the job in other ways. I remember my university got a materials testing lab funded by like Lamborghini and Boeing, they get a nice tax break for their contribution, the school gets the lab, but all this ends up doing is outsourcing jobs from those companies. Undergraduate students, graduate students, and doctoral students end up paying to go to school to do research, and the school in turn gets the intellectual property procurement and hands it off to the companies that made the donation in the first place. So in the end the company doesn't need to hire staff for research and development because students will pay to go to school and do the research for free (well, at their own expense), and in the end the company gets the goods, and they don't have to pay a cent and get donation tax breaks and are free of the cost of hiring R&D staff, and in the end the student doesn't have a job because they've been outsourced to universities, then they have all that debt on them... it's fucked up.
I remember when I was a student before that happened I heard of some schools in other states were holding demonstrations against this very thing in other parts of the country. Students doing research at the university were displeased that the research they were working on were going to companies that made sizable donations to university departments in exchange for intellectual property assets being handed over to them with no additional benefit going to the university or the people who worked on the research.
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