In my opinion, college is worthwhile ONLY if you attend a university that is worth the cost. In most situations, students attend a particular university wishing that it will guarantee them success at some point in their lives without researching the ranking, quality of education, etc. In terms of ROI, it is a safer option to attend a Top 50 university than a for-profit university nobody has ever heard of. The discussion shouldn't exactly revolve around whether college is worth it, but about how we can improve the quality of education across the board so that graduates are adequately prepared for the real-world.
You think university is about education. To an extent, of course, this is true. However, the reason "top" universities pay off better is not the quality of education. The difference in aptitude of students easily trumps the advantage an Ivy league university has over a state college.
The real value in the university is the sunk cost of education for everyone already in the workforce. Ivy leaguers control management of most companies, and choosing against Ivy leaguers means saying they are themselves ill-educated ... they don't. So higher up jobs are more available to people who've paid the same sunk costs as the hiring managers.
It's that simple.
This will fall flat on it's face if they really open up admissions.
