It seems that most people don't realize that college is an industry now, just as running prisons is now an industry. (Some might say there are certain parallels between the two).
When my daughter graduated high school, I encouraged her to take a year off before starting college. As a divorced father, everyone thought I was just being cheap and not wanting to kick in for her tuition. It is only recently, and now that she has young children of her own, that she has acknowledged the wisdom of my advice.
Spending all that money to "find" yourself" is ridiculous. If you don't know what you want an education for, then you are wasting your time and money going to college. Go find out what the real world is like and THEN decide what sort of education you need to support your goals.
The notion of "getting a good education so you can get a good job" is obsolete. There ARE no more good jobs for people with a liberal arts degree. The good jobs are for those who have had the specialized training necessary to be useful in today's economy.
For many, college is just a stall, a way to dodge becoming an adult for a few more years. It's a time to get drunk and get laid and pretend that your adolescence will never end. At least in the US, the federal government encourages this irrational behavior with its student loan programs, which are similar to the government backed home loan programs that exploded in such spectacular fashion about 6 years ago. The colleges and universities push those programs because, frankly, they make a lot of money on tuition. These are now huge corporations with their beady little eyes on the bottom line more than on the quality of their product.
I would postulate that the majority of money and time spent on college is wasted. There was a time when we went to college, got a good job, worked at the same employer for 50 years, then retired. Those are the days of Ozzie and Harriet. That world imploded many decades ago. Most folks change jobs many times in their lifetimes. Companies feel virtually no loyalty to employees any more. The world has changed. But the college industry has succeeded in making people believe that nothing has changed and that it is still vital to get that BA degree at all costs. And it costs a LOT!
T'aint so.
The future of higher education is in online instruction.