One would reasonably expect that the price of a university education and the opportunity cost of not having one will converge. If the discounted present margin

One would reasonably expect that the price of a university education and the opportunity cost of not having one will converge. If the discounted present marginal value of an education at X University is $Y, X University ought to charge at least $Y to attend. Different X may imply different Y, but the logic is the same. And since prospective students have effectively unlimited ability to borrow, there is no obvious reason this convergence should not take place. The only questions are whether it has done so already, and if so whether irrational bidders have also increased the price beyond that point.