Kevin Carey

A lot of parents start worrying about paying for college education soon after their child is born. After that, there's the stressful process of applying to colleges, and then, for those lucky enough to get admitted into a good college, there's college debt.

College is now four times more expensive than it was 3 decades ago, pushing student loan debt over $1 trillion. A key reason for this growth is the competition among schools for status and prestige, says Kevin Carey, education policy director at the New America Foundation.