If you are a young person, and you work hard enough, you can get a college degree and set yourself on the path to a good life, right?

Not necessarily, says Sara Goldrick-Rab, and with Paying the Price, she shows in damning detail exactly why. Quite simply, college is far too expensive for many people today, and the confusing mix of federal, state, institutional, and private financial aid leaves countless students without the resources they need to pay for it.

Drawing on an unprecedented study of 3,000 young adults who entered public colleges and universities in Wisconsin in...