The vastly bigger problem is the hundreds of thousands people who emerge from college with a modest amount of debt yet no degree. For them, college is akin to a house that they had to make the down payment on but can’t live in. In a cost-benefit calculation, they get only the cost. And they are far, far more numerous than bachelor’s degree holders with huge debt burdens.
--David Leonhardt, NYT, on the myth of exploding student debt