In other words, even if the mean income premium is positive, the variance is excessive, and correlates positively with aptitude, class and personal wealth. College is an *inequality amplifier*. Sanders-style left-populism only obscures that, and would make it even worse.
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I could see this balancing out. If tuition at state colleges becomes $0, but student loans are eliminated, then people can't take out $150K for both the tuition and for living expenses.
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Most colleges already require on-campus residence for the first year. They'd switch their business model to become luxury hotels (beyond the extent to which they've already adopted that).
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My large state university had free foam parties, hot tubs, camel rides, and my sophomore-year roommate was an Entrepreneurship major who took six credit hours a week and spent the rest of the time smoking weed in the on-campus apartment on daddy's dime.
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I got a mostly-free ride for being Very Bright on the PSATs, but lord if that didn't radicalize me into being a fiscal hawk on everything except professors, research money and the library.
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The system has been about as good to me as possible. I'm still considering writing my future kids the checks that would have otherwise covered tuition and sending them on their way.
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. Banned in Sweden. SubGenius, Zhuangist, white-hat troll. Defrocked mathematician. Brain problems.