A study by the Federal Reserve highlights the financial risks of pursuing higher education, with non-completion of degrees leading to severe financial consequences. The study also points out that college graduates with debt fare better than those without degrees, but college dropouts with debt face the harshest financial outcomes. Companies like Nelnet, Inc. (NYSE:NNI), SLM Corp (NASDAQ:SLM), and SoFi Technologies Inc (NASDAQ:SOFI) might see volatility due to changing student loan policies.