The Wall Street Journal reported this week that that the average “tuition discount rate” offered incoming freshmen last fall by private colleges and universities has reached an all-time high of 45 percent.

At the same time, their “sticker price” tuitions have increased by the smallest amount in the last dozen years.

Tuitions for in-state students at public four-year colleges and universities also increased by the smallest amount during that period.

Applicants are negotiating bigger discounts than they used to. Market competition has kicked in.

What has happened is that in a recessionary and sluggish economy, potential customers have been figuring out that a college diploma may not be a good investment — particularly if it entails six-figure college loan debt that cannot be discharged in bankruptcy.