Since 1965 an increasing preoccupation with money has resulted in the inversion of its role in higher education, from a practical means to an end that crowds out all others. No longer do students and parents choose the best education that -money can buy.- Instead, they are faced with choosing which college or university will -buy them more money.- This comes as no real surprise, as the cost of attending a four-year college has doubled since 1985. Yet the question persists: at what real cost are we sending our students to college?

Renowned educator James Engell and coauthor Anthony...