This is perhaps one of the more ignorant comments on this thread. > When you go to an elite college, you're really paying for the degree. In many cases, you g

This is perhaps one of the more ignorant comments on this thread. > When you go to an elite college, you're really paying for the degree. In many cases, you go to an elite college to pay for the experience to learn from, engage with, and collaborate with the world's best scientists, thinkers, engineers, and professors. In some cases, like Rice, if your parents make less than 130,000 a year - you don't pay a dime. Undergraduate tuition is pennies to these institutions whose endowments are orders of magnitudes larger than the revenue from tuition. I look at it like this... My degree cost quite a bit a year... in exchange for that I got to study, learn, work in labs with scientists doing things that without me paying the entry fee.. I would have never been able to do. It's not like you can just walk up to a group of NASA researchers and IEEE fellows and say... hey can you send me GBs of data from the Huygens probe and provide me hundreds of thousands of dollars of computing power to play around with that data? Will you let me use your multi million dollar clean room to learn about lithography? Will you let me use that nanotube growing lab to learn about growing carbon nanotubes? If you are just paying for the degree you are doing yourself an offensive disservice.. and I would suspect one day you will look back and realise what a waste you made of the opportunity. > This is also why there are caps on admission: it creates scarcity value for graduates from that university. When there are fewer graduates with a credential, companies that want to employ them have to compete for a limited number of human resources, which drives up wages. Additionally, the university can impose selection bias on matriculating freshmen who will eventually receive the credential, which helps maintain the reputation of the university's graduates. There are caps on admissions for a wide variety of reasons - but largely because the faculty of the individual schools within these Universities are working to create a culture and a learning and discovery environment.. these goals are threatened when you have too many students to support while at the same time supporting the research that actually makes the university a worthwhile place to study. > If you don't maintain the selectivity of the institution, you end up with what's happening in the mid-tier for-profit colleges, where students take out massive loans for a degree but then it doesn't really improve their employment prospects much. If everybody has a college degree, its financial value is basically 0. I'm going to argue that what is happening at the mid-tier for-profit colleges is that they are actually not providing their students with a quality education or network that improves their employment prospects.