There is a big difference between:

1) Any degree from a top 15 college

2) A STEM degree from middling college

3) A liberal arts degree from a mediocre college

This is because the value of college is the signal it gives to employers and the network that it can build for you.

I agree that "college for all" is a terrible proposition, but you can't discount the benefits for students who attend top schools or who get degrees that directly lead to higher-paying jobs.

Also - looks like the author of this article has not just an undergrad degree, but also a MA in Economics, so he's not really practicing what he preaches.

edit: formatting, minor updates

"No one knows what actually happens in college or why it’s supposed to make you more successful."

I stopped reading after this line.

Anybody who takes what FEE says for more than a grain of salt, is in fact, 'religious'. When you understand that they are a libertarian think-tank, you would see the obvious bias against social infrastructure and would rather have our education system collapse than have smart, well educated citizens.

"Break out the champagne, and get busy doing real stuff in the real world. Don’t live your life by averages and aggregate data that reflect little more than the superstitions of the day."

Not everyone can be a successful drop out like Bill Gates

The problem is with FEE, that as think tanks go, there isn't much thinking, and just a lot of trope repetition. They make AEI seem like RAND.

The tone of this article seems to be suggesting that a likely conclusion is that you should not bother with college. However, I wonder if a better way to look at the current system is that you need to pick one of two approaches - (a) if you are a genius and can get a free ride at one of the very best colleges, do that, and (b) if you can't, get the absolute cheapest degree by going to a public community college and transferring to a 4-year public school, because the goal is to get the piece of paper from a legit university for the absolute least price.

If I were starting out today fresh from high school, and were interested in technology as a possible career, I would consider certain certifications from the likes of Cisco, Juniper, Oracle, any of the various code schools, etc., strongly consider them, against protracted, ghastly expensive college degrees, which are rapidly losing value in the marketplace.

College is a cargo cult.