> In all, Cooper found that 31 percent of students are enrolled in a program with a negative ROI—meaning that "the earnings benefits of the degree are unlikely

> In all, Cooper found that 31 percent of students are enrolled in a program with a negative ROI—meaning that "the earnings benefits of the degree are unlikely to fully compensate students for the cost and risk of pursuing post-secondary education." So, "cost and risk". In finance there is a concept of RAROC = risk adjusted return on capital. To adjust for risk you obviously need to first be able to measure it. The more standardized the measure, the better. How exactly do you adjust for career risk? You can put forward a reasonably looking definition and get any result you want out of your analysis. It will look like rigorous scientific analysis, but it's basically a number plucked out of thin air.