Worrying about who deserves help with student loans continues to be complex.
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Indeed, the value of postsecondary degrees in the labor market is a key reason why Americans line up at good-quality colleges. Harvard collects roughly $1.9 billion each year in tuition, mostly from high-income families. Those parents could have passed along that money to their kids, but instead, they bought something many times more valuable.
The problem with many of the analyses—and Looney seems to make the same point in a different way—is that they focus on average or median experiences—a general look at how debt and economic future affect some representative person and their experiences. Then look at the income of many with a Ph.D. who, enticed into joining the ranks of academia, only to learn of the adjunct’s dreary existence and abysmal pay, no matter how many degrees they’ve accumulated and at what cost.
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