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While it has never been more important in life to get a college degree, it has never been harder to do so. Taxpayers have been so impressed with the lifetime earning benefits of a degree that they have radically reduced their direct subsidies to higher education institutions, leaving both the middle class and the disadvantaged to mortgage their futures to pay the resulting hyper-inflated tuition rates. Yet the same taxpayers are unwittingly underwriting expensive



for-profit educational enterprises by taking the default risk on federal student loans, which often go to fund some shady marketing and educational practices that call to mind the "subprime" mortgage industry at its worst.All but a few elite universities face challenges to their long-term financial models and their viability. All but well-off students confront uncertain pathways and staggering education debt, whether they graduate or not. In the authors' view, a "new normal" in America's colleges and universities offers shocking statistics:

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