Sallie Mae has enabled the explosion of over-charging at U.S. colleges and universities for a generation - but every dog has its day. There is no way these loans will be repaid - and there is no way that over 50% (and I am being VERY conservative in that estimate) of the private colleges and universities in the U.S. will be in existence 10 years from now.
Why would anyone pay $200k for a degree from an institution that absolutely, positively will NOT be here in the near future. Why are we paying for lectures that anybody can watch for free on YouTube? (Here is a link to the "most important lecture in the history of higher learning" - here is another link... why would we need to pay someone to repeat this live?) These institutions have fought the internet with everything they have... well, if they were to let the internet win that would mean the end of tenure, moca latte's, and co-ed's now, wouldn't it? It would also give away that fact that the emperor has NO CLOTHES.
NAFC.
Read the above link... I implore you. Don't this happen to your children. Don't pay $200k for something you can get for a free library card. If you have the money and want to indulge your kids, OK... but going into debt? You gotta have rocks in your head.