A recent Wall Street Journal investigation revealed that many graduate degrees at elite universities are not adequately funded, leaving students in deep debt and raising questions about who is responsible for this debt. The study found that Columbia's film master’s program graduates left with a median debt of $181,000, while half were earning less than $30,000 two years later. The report also highlighted cases where students pay $300,000 for a Columbia film degree, $192,000 in a theater degree, and $300K for a film degree. However, the market reality is that students are willing to pay these prices, and colleges can charge these prices because enough people are willing. The current system gives out federal loans with almost no underwriting regardless of whether a degree is likely to pay off. Critics argue that eliminating federal student loans would negatively impact lower-income students, but the loans most likely to disappear are the ones least likely to be repaid. The article suggests that ending federal student lending would force a basic reality check: Not every degree is worth the price.