This sort of intensive training isn’t just for the children of intellectuals; the theory behind the rhetoric advocating universal college attendance is that any and all kids should aspire to this level of work. College admissions have become the focus not only of secondary schooling but of contemporary American childhood writ large. The sad truth, however, is that college admission is designed to separate young adults from each other, not to validate hard work. A jump in the number of students with Harvard-caliber skills doesn’t have a corresponding effect on the size of the school’s freshman class. Instead, it allows universities to become even more selective and to raise prices, to populate their schools with rich kids and geniuses on scholarships. This is the central problem with an education system designed to create the most human capital possible: An en masse increase in ability within a competitive system doesn’t advantage all individuals. Instead, more competition weakens each individual’s bargaining position within the larger structure. The White House’s own 2014 report on increasing college opportunity for low-income students noted, “Colleges have grown more competitive, restricting access. While the number of applicants to four-year colleges and universities has doubled since the early 1970s, available slots have changed little.”15 Still, the Obama administration remained undaunted and continued to champion universal college enrollment, as if we even had the facilities to handle that.

[...] In a culture that increasingly rewards only exceptional accomplishment, any disadvantage or challenge can seem like a disqualification. One mom told Francis that because she had expected her son to star on the football team, his ADD diagnosis made her feel the way a parent who had expected a “normal” child must feel upon hearing a diagnosis of Down syndrome.30 It’s an insensitive comparison, but there’s something revealing in the equation: A hypercompetitive environment sets parents up for dreams of champion children, and then for almost inevitable heartbreak. Millennials of all abilities have grown up in the shadow of these expectations, expectations that by definition only a very few of us can fulfill.

Using the data carefully and anxiously prepared by millions of kids about the human capital they’ve accumulated over the previous eighteen years, higher education institutions make decisions: collectively evaluating, accepting, and cutting hopeful children in tranches like collateralized debt obligations that are then sorted among the institutions according to their own rankings (for which they compete aggressively, of course). It is not the first time children are weighed, but it is the most comprehensive and often the most directly consequential. College admissions offices are the rating agencies for kids, and once the kid-bond is rated, it has four or so years until it’s expected to produce a return. And those four years are expensive.