To the parent's point; Many college degrees are "just a credential" at this point; and college degree or not, training still has to happen on the job.
I see a trend of millennials (my generation) who go to school to go to school, get good grades to get good grades, not apply the education to the future. Then, there's no entry level jobs (because companies didn't have to train with a recession to get experience) and they jump between unskilled jobs they could have done with a GED or less.
We can also see this with the industry survey the other week of employers saying colleges aren't preparing software developers.
Higher education does have advantages for people beyond jobs; but only if they learn (not memorize) and apply it.
Once someone can read, write, do arithmetic, it's more specialized skills that are needed. There are very few jobs where four years of studying history or political science is necessary. In most cases, a few months of training could do far more than four more years of general education.
The value of a degree for most jobs is it shows an ability to learn. Ultimately, having people spend six figures to send this signal is making society worse off. Employers are looking for the qualities that make someone a good student far more than they are looking for experience criticizing ancient works of literature or solving systems of equations.
Meanwhile, there are plenty of ways to get through college without getting past a high-school level of thinking.
Maybe 20% of my high school class ever finished a college degree, of any kind. A lot more went for a few semesters, struggled through some core classes, and flunked out with a load of debt and little else to show for it. The people that are best off are probably the ones that either went into the military or straight into a trade.
The college-prep for everyone model appears to have been a pretty bad failure. The system in my parent's generation where people were explicitly tracked and split into vocational, business, and college tracks appears to have had much better results. The gutting of vocational programs really hurts; it would be easily possible to do most of a trade apprenticeship during those years.
It's not. The vast majority of worthwhile, well-paying jobs require significant education and/training after high school. Not because it's a credential game, but because society and work are complex. And it's getting more complex, not less.
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I'll also risk the opinion that there is more to life than work, and higher education has advantages for people far beyond their ability out-compete one another for corporate jobs. And I would argue, for society as a whole.