Federal data now allow anyone who wishes to identify academic programs whose graduates on average earn more than enough to repay their student debt -- or don’t. As journalists and think tank analysts dissect the data, many of the programs whose graduates don’t earn enough to repay their debt prepare people for industries that don’t pay very well but that society values, such as teaching or the clergy.

Degrees in the arts are a particular target. In this week’s episode of The Key, New America’s Kevin Carey and Doug Dempster, former dean of the College of Fine Arts at the University of Texas at Austin, debate the wisdom of pursuing degrees in the arts and other low-paying fields, whether economic outcomes are the best way to judge the value of those programs, and the prospects for driving down the costs of those programs.