by Zoe Pollock
Education is a bubble in a classic sense. To call something a bubble, it must be overpriced and there must be an intense belief in it…. [W]hen people make a mistake in taking on an education loan, they’re legally much more difficult to get out of than housing loans. With housing, typically they’re non-recourseyou can just walk out of the house. With education, they’re recourse, and they typically survive bankruptcy. If you borrowed money and went to a college where the education didn’t create any value, that is potentially a really big mistake…. I estimate that 70 to 80 percent of the colleges in the U.S. are not generating a positive return on investment.