<p>The problem is that admission to a selective school is considered an academic prize – in fact, THE academic prize – for our high school kids. But this is the only academic prize that you have to pay for. What would our kids do if they were told that they won first place in the math olympics, or that they won the state championship in their sport – but that they would have to pay thousands of dollars to get that prize? However, if they’re willing to accept fourth place instead, that will only cost them a couple of hundred dollars. Hey kids, we know you’ll make the right choice!</p>
<p>I think the question is not whether going into $100,000 of debt for a college education that doesn’t come with at least a very good shot at a lucrative job after graduation, is stupid or not. It’s also not whether students who let themselves in for that debt deserve their misery. It’s whether we, as a society, think this is a good thing – for so many of our best and brightest young people to be put in a position where they will always be in this kind of debt. They’ll probably never buy a home, go on expensive vacations, or otherwise invest in many aspects of our consumer economy. And our country, by all accounts, really relies on consumer spending to boost growth. So condoning the astronomical tuition increases of recent years, and the massive student loan debt that’s being taken on to pay for that tuition, is effectively torpedoing that growth. Maybe our society shouldn’t lift a finger to help out those too stupid to know not to take on that debt – but should we stand by and watch our future professional class be driven into the ground by debt?</p>