How do all the other tenured, morally self-congratulatory educators live with the knowledge that many of their students, after having had their narrow certainties and provincial visions broken down, face years of indentured servitude? We can begin to understand by thinking of the 2,774 U.S. institutions that (as of 2010) grant bachelor's degrees as being in the credentials business rather than the education business. The Daily Beast's Megan McArdle, summarizing an interview with economist Bryan Caplan, points out that it's "actually fairly easy to get a Princeton education for free, as long as you don't want the degree: just walk in off the street and sit in on the classes. It's unlikely that a professor will kick you out, or even notice." No one does this, of course, since no matter how much you might have learned auditing courses, your degree-less self will fare no better in the job market than will the next autodidact.
Many students do the opposite, however: earning, or in any case receiving, college degrees after learning as little as possible. After all, writes McArdle, college students "cheer when class is cancelled. This makes no sense if the goal is accumulation of human capital. In no other business are customers excited to get less than they were promised."
As much as I have enjoyed my academic life, if I were 18 today I would opt for training in something practical and long-lasting in the fields of carpentry, plumbing, electrical work, auto repair, etc. While I might want to supplement that training with some courses in business administration, I doubt I would want to start my 20's carrying more student loan debt than I have ever carried for a mortgage.
A related article from The Manhattan Institute: Repairing America's Unhealthy Relationship with Student Debt