The New Housing Bubble?

Fifty years ago I graduated from an Ivy League college, then went on for a master's degree. As I began this education I had no resources except for generous scholarships and the work I did on campus. I was always worried about money - and who had the extra to pay for dentistry?

But, still, when the master's degree was in hand I owed ten thousand dollars. In a federal program I could pay off the loan by working in education, ten percent a year. So, after ten years my loan was paid off and I was free and clear to do what I wanted.

I am very afraid that students now have not nearly this option. They believe they are entitled to attend fancy institutions of higher education that attract them with state of the art fitness centers, world class chefs in the cafeteria, dorm rooms worthy of a high end Marriott. They know that it costs a LOT to go to college and they may as well go full throttle (because everyone knows that having a college degree is the ticket to ride.)

And then the price must be paid, and such a great price! Of course this cohort has been used to the debt scene all their lives. Plastic now, pay later.

What will happen to this new generation of young adults who owe so much they cannot pay attention? Will there be a tipping point at which these supremely prepared people cannot possibly get the jobs that will enable them to pay off their education loans? Seems likely.
Perhaps the culture of hippies will return, "hey, Man.."

Or perhaps we'll try reality in higher education. Pay as you go, think about what you really want to learn from professors, and if you really want to climb rock walls, is college the place for this?

Just asking.