Most high school students get the same message from parents, teachers, and guidance counselors: College is the surest path to upward mobility. Federal and state governments join the chorus with hundreds of billions of dollars’ worth of subsidies for America’s colleges and universities. The system screams at young people: College is worth it.

High tuition prices, however, have led students to stop taking that for granted. Horror stories about unaffordable student debt fill newspapers. Though advocates rarely admit it, the implicit principle behind the student loan forgiveness movement is that college doesn’t pay off, at least financially. If it did, why would borrowers on such a massive scale need their loans forgiven?