A Vice-President at Dickinson College complained about the move by wealthier schools to eliminate student loans as part of the aid package, arguing that such a move creates the "unrealistic expectation that students should graduate debt-free." He points out that people borrow for cars and homes, and that education is just like any other big-ticket purchase. In effect, rich people can buy it for cash and those with less money should finance it over time.
If education is like a Hummer–cash or credit–then why stop with college? Why not shut down the public schools K-12, and let those whose parents want them to learn to read and write pay cash or take on loans? (Maybe we’re heading that way with failing schools in some cities.)