> Of course, only the wealthy pay full price for college, but when you ask people if college is worth the cost, they may be anchored to those prices even if their own kids would end up paying less.

They’re paying less, but they can also only afford to pay less.

I went to college with many people who were paying heavily reduced tuition rates and it was still a significant financial burden for them.

So even if the expected value of the degree is high in the long run, the downside risk is immediate financial ruin.