“In a market, purchasers of good and services usually have to pay full price for the things they buy and they usually have reasonably accurate information about the benefits they will get from them. There is, in other words, a close correspondence between costs and benefits, leaving few consumers with a bad bargain. On the other hand, in the unusual case where consumers do not have to pay the full price, where they do not have good information about the goods they purchase, or both, we will find far more sales than otherwise, and substantial numbers of customers who doubt that they got enough value for their money. Where that is the case, we can say that the goods have been oversold.
…Most purchasers do not have to pay the full cost of a decision to go to college, and many also receive poor information about the benefits of college studies and earning a degree, making it possible to oversell college”. – George Leef, The John William Pope Center for Higher Education Policy