Great post jfasi. One thing I'd like to add is that most HN contributors are not the type for whom college is as valuable. We are passionate about a remunerative subject. Most of the people I went to high school with are not, there passions lie in their children, music, sports, volunteerism, or other worthy endeavors that aren't going to pay the bills. They went the "default path" of college and got jobs in law enforcement, business administration, real estate, and such.
For the vast majority of college graduates, the degree credential is a great signal that they can be trusted to work independently, retain knowledge, and deal with a large institution. While I certainly think we need a solution to the spiraling cost of university and would like the 18-22 year olds who are not actually interested in a liberal education to be productive with that period of their lives, we have to acknowledge the signals that completing college send are much larger more than an understanding of a body of knowledge.
For the vast majority of college graduates, the degree credential is a great signal that they can be trusted to work independently, retain knowledge, and deal with a large institution. While I certainly think we need a solution to the spiraling cost of university and would like the 18-22 year olds who are not actually interested in a liberal education to be productive with that period of their lives, we have to acknowledge the signals that completing college send are much larger more than an understanding of a body of knowledge.