If you could get a good job without college, then the price you’re willing to pay for college is elastic like anything else. You would never sign up to spend $30K a year for a BA if there were large enough pools of good jobs you could get without doing that. Hell, a lot of Gen Z are choosing trade schools over college now because 120K for a $40K salary is a terrible deal. But as long as most good jobs require college, people will not be cost conscious about college. And therefore colleges can get away with charging eye-watering tuition for an education that’s arguably worse than the one their grandparents paid $550 a semester for. Nobody wants to opt out because I mean what’s the alternative? Maybe you can do trades, but if you can’t, you either go to college or go wait tables, stock shelves, or collect garbage. Nobody’s going to say no if they want to be middle class.

And until it gets fixed and people have realistic and viable options to not go to college and be able to afford rent and groceries on one paycheck, schools can morph into club med and add conserve room service, massage parlors, and a personal butler for every student to the tune of 200K or more a year. People will still sign the loan papers because the alternative is Walmart.