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An elite college degree is an investment with a payoff horizon of 20 or 40 or 60 years. It’s costly — not just in money, but in time, energy, years of life. People are only willing to invest in it because they believe the investment will endure.

If a Columbia degree is like a cheap roof that might just leak or collapse at any time, what’s their case? “Give us four years of your life, drain your savings, go into debt! Everything you worked for •might not• suddenly collapse!! Our degrees are just cheap paper anyway, right??”