Yes, but I think as time goes on, fewer and fewer people are going to consider those letters next to their name worth it for the years that they need to invest.

Yes, but I think as time goes on, fewer and fewer people are going to consider those letters next to their name worth it for the years that they need to invest. So, I am just saying that if MIT or whoever else is worried about having fewer grad students (not saying that they/we should be), then maybe it's time to change how it works.