” How is a 17 or 18 year old supposed to truly gauge the value of laying out $300,000 for their education before they can even measure its worth?”
That’s what parents are for.
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If only society could rely on everyone having good parents. Even among good parents I am sure they get swept up in the whole process. Where do you draw the line. Your kid gets into Harvard and a state school what do you recommend? Your kid wants to go into entertainment he gets into UCLA with out of state tuition fees, or USC at $60k a year and a state school. You can advise him or her, but ultimately they take on that debt.
And that is my issue. The schools have zero incentive to be competitive. They are “ranked” by things such as their endowment fund and the competitiveness of the incoming class, not on the credibility of their staff or the work placement among graduates - which in the end is also really up to the student more than anything else. The schools have zero financial risk in the entire scheme. With no risk there is little need to be competitive in the areas that matter most of all.
Yes. I told my teen that I could pay for 4 years of in-state public school, or he could attend an out-of-state public or a private college and take out loans for the difference in tuition. He chose in-state public school.