The debt burden makes the college graduate more desperate to work, but not for any wage. There is a hard line below which the student is unable to make payments and a softer line above that allowing for various qualities of life. The key in the analysis is if the non-grad can under-price the college grad near (or even below) that hard line for long enough to get entry level experience and thus be treated as another experienced hire.

There is also something to be said for a self-starter who drives himself through an online programme and comes out with a working understanding of a topic.