Jordan Weissmann in Slate:
Last week, the Wall Street Journal published a troubling exposé on the crushing debt burdens that students accumulate while pursuing master’s degrees at elite universities in fields like drama and film, where the job prospects are limited and the chances of making enough to repay their debt are slim. Because it focused on MFA programs at Ivy League schools—one subject accumulated around $300,000 in loans pursuing screenwriting—the article rocketed around the creative class on Twitter. But it also pointed to a more fundamental, troubling development in the world of higher education: For colleges and universities, master’s degrees have essentially become an enormous moneymaking scheme, wherein the line between for-profit and nonprofit education has been utterly blurred. There are, of course, good programs as well as bad ones, but when you scope out, there is clearly a systemic problem.