Financial aid is drying up and government support is not keeping pace with the rising cost of college, so students and parents are being forced to borrow more heavily. For decades, admissions offices have marketed themselves by promising a significant return on the investment in the form of higher lifetime income. But with the cost of an undergraduate degree well into the hundreds of thousands of dollars, this argument is no longer persuasive. Students and their parents are carrying unsustainable levels of debt, which is likely to lead to a crisis that will mirror the collapse of the subprime mortgage market. To make matters worse, student debt is even more toxic than a soured mortgage, because it is nearly impossible for a person to legally walk away from student loans the way a homeowner can walk away from a mortgage.

The competition between Columbia and N.Y.U. is an example of what educational institutions should not be doing. Universities should be looking for new ways to provide high-quality education to more students at a lower price. In today’s world, it no longer makes sense for every school to cover every subject.