[RWebb]

wow

ok....

1. Scott - Obama pretty much got the banks out of sticking it to students via loans just last year (see your OP)

2. despite outliers and anecdotes, a college grad. on average has a huge earnings potential increment over a HS graduate

3. among college majors, it is difficult to predict earnings potential of that graduated major - e.g. engineering majors go thru periods of oversupply & right now graphics arts major are in super demand (for web design)

a college degree is about education - not training - the goal is to produce a productive citizen flexible enough to change careers and follow the shifts in the economy (and make informed decisions about voting & etc.); and it is VERY clear that our economy shifts quite rapidly

(no, I don't have a cute cartoon on these points)

4. another function of college - esp. the elite ones - is networking; this used to be a huge effect at Yale & etc.; with the rise of a more merit based admissions system is has been reduced but is still important - even a lower level state school

5. in my field (science) a PhD is not even an entry level degree; several years post-doc are needed to get any permanent or semi-permanent job; so, the comment that a doctorate is only valuable for teaching is way off base - maybe it applies to the liberal arts

6. and that rings up my final point - in some areas (liberal arts) you can self-educate; but in others science & engineering), I do not think you can - so tell your offspring to choose wisely