By Tom Vander Ark

On average, a college degree still offers a wage premium says a new studyfrom the Federal Reserve Bank of New York. But those averages hide a ugly story of inflated costs, diminishing returns and a widespread worst case scenario—debt with no degree.

Dizzying choices are making things worse: the employment landscape is complex, dynamic, and localized. And while some colleges are closing, there are more postsecondary options than ever for people young and old to consider.

“It’s different and more complicated now,” said Michael Horn and Bob Moesta, in their new book Choosing College. “For most students, it’s higher stakes. A mistake can have serious consequences.”