Yes it's the college professors making 80-120k who are the true bluebloods of the world.
80-120k is enough to put you into the top 10% in the richest country in the world. More importantly, the professorial class has historically come from the entrenched aristocracy. It was only recently that more or less ordinary people were able to enter that class, and it was due to the upward mobility brought on by capitalism. But there is still a residual social stigma connecting academia with elitism.
Should high skill professors be in poverty because you don't like what Chomsky says?
No, not at all. Firstly, I actually do like what most of what Chomsky says, particularly his critiques of US foreign policy. Secondly, I believe professors should be compensated according to how society determines their value. I personally find them to be very valuable because they possess a highly specialized and important skill, so I don't have a problem with them being relatively highly compensated. Intellectualism should be promoted by a progressive society.
It was technological gains(namely the printing press) and the economic burst Europe received from the rape and pillaging of three continents that allowed more people to pursue deeper academic disciplines. How has opening up the university to the free market, ie for profits, effected the student debt crisis?
Europe was raping and pillaging those continents long before the emergence of the leisure class. You had colonial powers operating under monarchist systems where the plunder wasn't as efficiently distributed or utilized to promote growth. The economic burst was inextricably tied to innovations and efficiencies of production that capitalism brought about. Little Billy no longer has to quit school at age 13 to work on the family farm because his father just bought the new automated tractor that was designed and sold by Capital Corp for profit. Thinking that the inventor of the automated tractor would have still been incentivized to do the work and take the risks necessary if he knew the janitor was going to get an equal share of the profit is foolhardy to me. It becomes far more rational to just be the janitor and free ride on someone else's labour.
In my opinion, the student debt crisis is an example of an under-regulated market / public good operating as a private good. Most of these are publicly owned institutions and as such aren't (and shouldn't be) as beholden to profit maximization as a private company. The government's job is to ensure the most stable and prosperous society for its citizens, and allowing people to be racked with debt as soon as they enter the workforce doesn't seem to be in line with that mandate, so I think they have the right to step in. Although, this is not an area of expertise for me, so I'm open to hearing others' opinions.