Of 55 students in my class at Columbia’s Film program, 4 made a career out of it
I saw some sensible commentary that basically.. these types of degree programs have always existed for the bored children of the rich.  It just seems some didn't get the memo and took on huge debts to join them.  This could be said of a lot of elite, expensive, liberal art degree programs..The scale of these degree programs and the irresponsibility of upscale universities marketing them to those that clearly cannot afford them is evil.  Just absolutely ruining peoples lives.An interesting idea I saw was the idea of making schools have skin in the game on these degree programs by requiring them to back some percent of the debt of these federal loans.  I'd imagine admissions criteria, prices and career outcomes would adjust accordingly.Also a question of when personal responsibility comes into play, I mean sure we can side with the 18 year olds making bad financial decisions taking on debt for a BA degree. 
But by the time you are 22.. 24...26 and going for these six-figure MA/PHD tracks .. cmon.Lastly - the idea that the professors in these programs were basically failed in making themselves careers in the fields themselves is not entirely shocking.  Even in many STEM universities/programs, teaching is not very career outcome focus.My personal experience was that professors cared about research first, PHD track students second, and career track BS degree students.. somewhere a few more notches down.We all coach/develop people into molds of ourselves, and professors have a hard time looking beyond turning students into more professors.  Obviously this does not scale..