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"Why would people at the top of their field work for less in education, than they can command in the private sector?"
Because teaching is supposed to be a calling. Not something that people were drawn to because of the cushy lifestyle, stupid pensions, or salaries. There's a retired UCONN finance professor, whose annual pension is over $300,000. I took 7 Finance courses when he was teaching there, and I was a serious student, and I never heard of him. Not one student ever decided to go to UCONN because he teaches there. Nothing to see...
If you're OK with teachers making hundreds of thousands of dollars, you can't complain about student debt.
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