When I was in college there was a general view in and outside of the art, English, and history departments that there were no jobs in these fields. There was no expectation of making money with them except in teaching. At one school the professors tried to discourage us from taking degrees in them, suggesting we find something we could use to survive.
At the other school, well, there was that art is above money thing going on. There was also, and I think this is part of the problem, the concept that artists and writers of real literature, shouldn't know too much about the unenlightened world beyond art and the university.
The schools I attended did not have an MFA, but I suspect the view would have been the same for it.
As long as idealism is praised and cynicism rebuked kids won't be able to protect themselves.